Ceragon Networks Ltd. (NASDAQ:CRNT) Short Interest Down 35.4% in December

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 272,600 shares, a decrease of 35.4% from the December 15th total of 422,300 shares. Based on an average daily trading volume, of 1,560,000 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.4% of the shares of the company are short sold.

Ceragon Networks Stock Performance

Shares of CRNT traded down $0.07 during mid-day trading on Friday, hitting $4.49. 1,155,487 shares of the company were exchanged, compared to its average volume of 2,641,435. The stock has a market cap of $383.54 million, a price-to-earnings ratio of 20.41 and a beta of 1.60. Ceragon Networks has a 1-year low of $2.33 and a 1-year high of $5.73. The company has a 50 day moving average of $4.24 and a 200-day moving average of $3.22.

Hedge Funds Weigh In On Ceragon Networks

A number of hedge funds have recently made changes to their positions in the company. Inspire Investing LLC purchased a new stake in shares of Ceragon Networks during the fourth quarter worth approximately $903,000. Renaissance Technologies LLC boosted its stake in Ceragon Networks by 35.4% during the 2nd quarter. Renaissance Technologies LLC now owns 643,816 shares of the communications equipment provider’s stock worth $1,610,000 after purchasing an additional 168,416 shares during the last quarter. Walleye Capital LLC boosted its stake in Ceragon Networks by 95.1% during the 3rd quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock worth $778,000 after purchasing an additional 138,411 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Ceragon Networks during the third quarter worth $152,000. Finally, JPMorgan Chase & Co. acquired a new stake in shares of Ceragon Networks in the third quarter valued at about $104,000. Institutional investors and hedge funds own 13.31% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.