Ceragon Networks Ltd. (NASDAQ:CRNT) Sees Significant Drop in Short Interest

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 403,200 shares, a decline of 44.9% from the February 13th total of 732,400 shares. Approximately 0.6% of the shares of the company are sold short. Based on an average daily volume of 2,290,000 shares, the short-interest ratio is currently 0.2 days.

Institutional Trading of Ceragon Networks

Several institutional investors have recently added to or reduced their stakes in CRNT. Hillsdale Investment Management Inc. lifted its stake in shares of Ceragon Networks by 3.9% in the 4th quarter. Hillsdale Investment Management Inc. now owns 80,800 shares of the communications equipment provider’s stock valued at $377,000 after acquiring an additional 3,000 shares during the last quarter. Algert Global LLC lifted its position in Ceragon Networks by 32.2% in the fourth quarter. Algert Global LLC now owns 46,454 shares of the communications equipment provider’s stock valued at $217,000 after purchasing an additional 11,310 shares during the last quarter. Penn Capital Management Company LLC purchased a new stake in shares of Ceragon Networks during the fourth quarter valued at approximately $54,000. Commonwealth Equity Services LLC bought a new position in shares of Ceragon Networks in the fourth quarter worth approximately $58,000. Finally, Sei Investments Co. increased its stake in shares of Ceragon Networks by 21.6% in the fourth quarter. Sei Investments Co. now owns 78,180 shares of the communications equipment provider’s stock worth $365,000 after buying an additional 13,909 shares during the period. 13.31% of the stock is currently owned by hedge funds and other institutional investors.

Ceragon Networks Stock Up 6.4 %

Shares of Ceragon Networks stock traded up $0.17 during trading on Friday, reaching $2.76. The company’s stock had a trading volume of 449,035 shares, compared to its average volume of 985,425. The company has a market cap of $235.33 million, a price-to-earnings ratio of 10.20 and a beta of 1.62. The firm’s 50-day moving average is $3.96 and its two-hundred day moving average is $3.50. Ceragon Networks has a 52-week low of $2.33 and a 52-week high of $5.73.

Analyst Ratings Changes

A number of analysts recently issued reports on CRNT shares. Litchfield Hills Research started coverage on shares of Ceragon Networks in a report on Tuesday, December 3rd. They set a “buy” rating and a $10.00 price objective for the company. StockNews.com cut Ceragon Networks from a “buy” rating to a “hold” rating in a report on Saturday, March 8th. Needham & Company LLC reiterated a “buy” rating and set a $6.00 price target on shares of Ceragon Networks in a research report on Wednesday, February 12th. Finally, Craig Hallum initiated coverage on shares of Ceragon Networks in a report on Thursday. They set a “buy” rating and a $5.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Ceragon Networks presently has an average rating of “Buy” and a consensus target price of $6.38.

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.