Ceragon Networks Ltd. (NASDAQ:CRNT) Short Interest Up 49.8% in December

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a large increase in short interest in December. As of December 15th, there was short interest totalling 422,300 shares, an increase of 49.8% from the November 30th total of 282,000 shares. Currently, 0.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,180,000 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Investors Weigh In On Ceragon Networks

Hedge funds and other institutional investors have recently bought and sold shares of the business. WINTON GROUP Ltd bought a new position in shares of Ceragon Networks in the second quarter worth about $26,000. Cubist Systematic Strategies LLC bought a new position in Ceragon Networks in the 2nd quarter worth approximately $56,000. Sei Investments Co. lifted its holdings in Ceragon Networks by 45.7% during the 2nd quarter. Sei Investments Co. now owns 27,423 shares of the communications equipment provider’s stock worth $69,000 after buying an additional 8,607 shares in the last quarter. JPMorgan Chase & Co. bought a new position in Ceragon Networks in the 3rd quarter valued at $104,000. Finally, XTX Topco Ltd acquired a new stake in shares of Ceragon Networks in the 3rd quarter valued at $152,000. 13.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRNT has been the topic of several recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $6.00 target price (up from $4.50) on shares of Ceragon Networks in a research report on Wednesday, December 4th. Roth Capital raised Ceragon Networks to a “strong-buy” rating in a report on Monday, October 28th. Litchfield Hills Research began coverage on Ceragon Networks in a report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 target price for the company. Finally, Roth Mkm started coverage on Ceragon Networks in a research note on Monday, October 28th. They issued a “buy” rating and a $4.50 price target on the stock. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $6.83.

Ceragon Networks Stock Performance

Ceragon Networks stock traded down $0.11 during trading hours on Monday, hitting $4.60. 752,330 shares of the stock were exchanged, compared to its average volume of 656,497. Ceragon Networks has a 12 month low of $2.07 and a 12 month high of $5.00. The business’s 50-day moving average is $3.58 and its two-hundred day moving average is $2.99. The stock has a market capitalization of $392.92 million, a P/E ratio of 20.91 and a beta of 1.61.

About Ceragon Networks

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.