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

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a significant decline in short interest in 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 trading volume of 2,290,000 shares, the days-to-cover ratio is currently 0.2 days.

Analyst Upgrades and Downgrades

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

Ceragon Networks Stock Up 6.4 %

Shares of CRNT stock traded up $0.17 during trading hours 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. Ceragon Networks has a fifty-two week low of $2.33 and a fifty-two week high of $5.73. The company has a market capitalization of $235.33 million, a price-to-earnings ratio of 10.20 and a beta of 1.62. The firm’s 50 day simple moving average is $3.96 and its 200-day simple moving average is $3.50.

Hedge Funds Weigh In On Ceragon Networks

A number of institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP raised its stake in shares of Ceragon Networks by 598.1% during the fourth quarter. Marshall Wace LLP now owns 703,091 shares of the communications equipment provider’s stock valued at $3,283,000 after acquiring an additional 602,383 shares during the last quarter. Millennium Management LLC grew its stake in Ceragon Networks by 123.9% in the fourth quarter. Millennium Management LLC now owns 962,898 shares of the communications equipment provider’s stock valued at $4,497,000 after acquiring an additional 532,798 shares during the period. Renaissance Technologies LLC increased its stake in Ceragon Networks by 47.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,333,295 shares of the communications equipment provider’s stock valued at $6,226,000 after purchasing an additional 426,760 shares in the last quarter. Navellier & Associates Inc. bought a new position in Ceragon Networks in the 4th quarter valued at about $1,804,000. Finally, Two Sigma Investments LP grew its holdings in Ceragon Networks by 951.7% during the fourth quarter. Two Sigma Investments LP now owns 296,588 shares of the communications equipment provider’s stock worth $1,385,000 after buying an additional 268,388 shares in the last quarter. 13.31% of the stock is currently owned by institutional investors and hedge funds.

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.