Short Interest in Ceragon Networks Ltd. (NASDAQ:CRNT) Grows By 46.5%

Key Points

• Ceragon Networks Ltd. reported a significant increase of 46.5% in short interest, bringing the total to 1,670,000 shares as of August 15th.
• Several analysts revised their price targets for Ceragon, with Needham & Company reducing it from $4.50 to $3.00 while maintaining a "buy" rating.
• Institutional investors are actively purchasing Ceragon shares, with Wedbush Securities Inc. increasing its holdings by 58.4% during the second quarter.

Ceragon Networks Ltd. (NASDAQ:CRNT - Get Free Report) saw a significant increase in short interest during the month of August. As of August 15th, there was short interest totaling 1,670,000 shares, anincreaseof46.5% from the July 31st total of 1,140,000 shares. Approximately2.0% of the company's stock are sold short. Based on an average daily volume of 818,300 shares, the short-interest ratio is currently 2.0 days. Based on an average daily volume of 818,300 shares, the short-interest ratio is currently 2.0 days. Approximately2.0% of the company's stock are sold short.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CRNT shares. Needham & Company LLC cut their price target on shares of Ceragon Networks from $4.50 to $3.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Roth Capital dropped their target price on shares of Ceragon Networks from $5.00 to $4.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $5.30.

Hedge Funds Weigh In On Ceragon Networks

Several institutional investors have recently bought and sold shares of the company. Wedbush Securities Inc. grew its holdings in Ceragon Networks by 58.4% during the second quarter. Wedbush Securities Inc. now owns 23,664 shares of the communications equipment provider's stock valued at $58,000 after purchasing an additional 8,727 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Ceragon Networks during the 2nd quarter valued at $26,000. Axis Wealth Partners LLC bought a new position in shares of Ceragon Networks during the 2nd quarter worth $26,000. Algert Global LLC increased its holdings in Ceragon Networks by 32.2% in the 4th quarter. Algert Global LLC now owns 46,454 shares of the communications equipment provider's stock worth $217,000 after acquiring an additional 11,310 shares during the last quarter. Finally, Bank of Montreal Can purchased a new stake in Ceragon Networks in the 2nd quarter worth about $35,000. Hedge funds and other institutional investors own 13.31% of the company's stock.

Ceragon Networks Stock Performance

CRNT stock traded down $0.01 during mid-day trading on Friday, hitting $2.00. The company had a trading volume of 301,769 shares, compared to its average volume of 671,050. The firm has a market cap of $177.86 million, a PE ratio of 12.50 and a beta of 1.08. Ceragon Networks has a 12 month low of $1.82 and a 12 month high of $5.73. The stock's fifty day moving average price is $2.19 and its two-hundred day moving average price is $2.32.

Ceragon Networks Company Profile

Ceragon Networks Ltd., together with its subsidiaries, provides wireless transport solutions for cellular operators and other wireless service providers in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company's solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the service provider's network.

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