Ceragon Networks Ltd. (NASDAQ:CRNT) Sees Large Decline in Short Interest

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 43,100 shares, a drop of 49.8% from the October 31st total of 85,900 shares. Based on an average trading volume of 617,700 shares, the short-interest ratio is presently 0.1 days. Currently, 0.1% of the shares of the company are short sold.

Institutional Trading of Ceragon Networks

A number of large investors have recently added to or reduced their stakes in CRNT. XTX Topco Ltd purchased a new position in shares of Ceragon Networks in the third quarter valued at $152,000. Walleye Capital LLC increased its holdings in shares of Ceragon Networks by 95.1% in the 3rd quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock worth $778,000 after buying an additional 138,411 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Ceragon Networks in the 2nd quarter valued at about $56,000. Sei Investments Co. increased its stake in Ceragon Networks by 45.7% during the second quarter. Sei Investments Co. now owns 27,423 shares of the communications equipment provider’s stock worth $69,000 after acquiring an additional 8,607 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Ceragon Networks by 35.4% during the second quarter. Renaissance Technologies LLC now owns 643,816 shares of the communications equipment provider’s stock valued at $1,610,000 after purchasing an additional 168,416 shares during the period. Institutional investors own 13.31% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on CRNT shares. Needham & Company LLC reissued a “buy” rating and issued a $5.25 price objective on shares of Ceragon Networks in a research note on Thursday, August 8th. Roth Mkm assumed 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. Finally, Roth Capital upgraded shares of Ceragon Networks to a “strong-buy” rating in a research report on Monday, October 28th. Two investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Strong Buy” and a consensus target price of $4.88.

Ceragon Networks Price Performance

Shares of CRNT stock traded down $0.05 during trading hours on Thursday, hitting $4.07. The stock had a trading volume of 1,873,668 shares, compared to its average volume of 522,776. The stock’s 50-day moving average price is $2.71 and its two-hundred day moving average price is $2.69. Ceragon Networks has a one year low of $1.80 and a one year high of $4.17. The stock has a market capitalization of $347.66 million, a price-to-earnings ratio of 18.50 and a beta of 1.35.

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.