Short Interest in Ceragon Networks Ltd. (NASDAQ:CRNT) Drops By 38.5%

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 98,112 shares, a decrease of 38.5% from the May 14th total of 159,641 shares. Based on an average trading volume of 786,063 shares, the short-interest ratio is currently 0.1 days. Currently, 0.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. First Wilshire Securities Management Inc. boosted its stake in Ceragon Networks by 18.0% in the first quarter. First Wilshire Securities Management Inc. now owns 4,854,150 shares of the communications equipment provider’s stock valued at $10,485,000 after buying an additional 740,358 shares in the last quarter. CSM Advisors LLC boosted its stake in Ceragon Networks by 10.5% in the fourth quarter. CSM Advisors LLC now owns 2,284,048 shares of the communications equipment provider’s stock valued at $4,795,000 after buying an additional 216,273 shares in the last quarter. Private Advisor Group LLC boosted its stake in Ceragon Networks by 47.4% in the fourth quarter. Private Advisor Group LLC now owns 1,420,888 shares of the communications equipment provider’s stock valued at $2,984,000 after buying an additional 456,710 shares in the last quarter. WealthTrust Axiom LLC boosted its stake in Ceragon Networks by 13.2% in the fourth quarter. WealthTrust Axiom LLC now owns 900,299 shares of the communications equipment provider’s stock valued at $1,891,000 after buying an additional 104,799 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in Ceragon Networks by 100.4% in the second quarter. Qube Research & Technologies Ltd now owns 580,093 shares of the communications equipment provider’s stock valued at $1,427,000 after buying an additional 290,695 shares in the last quarter. Institutional investors own 13.31% of the company’s stock.

Ceragon Networks Stock Performance

Shares of NASDAQ CRNT traded down $0.14 during mid-day trading on Tuesday, reaching $2.86. The company had a trading volume of 564,982 shares, compared to its average volume of 557,291. Ceragon Networks has a one year low of $1.82 and a one year high of $3.29. The firm has a market cap of $259.95 million, a price-to-earnings ratio of -143.00 and a beta of 1.35. The business’s 50-day simple moving average is $2.63 and its 200 day simple moving average is $2.35.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Wednesday, April 15th. The communications equipment provider reported $0.01 EPS for the quarter. Ceragon Networks had a positive return on equity of 2.27% and a negative net margin of 0.73%.The company had revenue of $85.00 million for the quarter. On average, sell-side analysts anticipate that Ceragon Networks will post 0.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Zacks Research upgraded Ceragon Networks from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. Wall Street Zen upgraded Ceragon Networks from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 23rd. Roth Mkm restated a “buy” rating and issued a $4.50 price target on shares of Ceragon Networks in a research note on Tuesday, May 19th. Weiss Ratings upgraded Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, May 26th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Ceragon Networks in a report on Wednesday, May 20th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3.75.

Ceragon Networks Company Profile

Ceragon Networks Ltd. is a global provider of wireless backhaul solutions, specializing in high-capacity, low-latency connectivity for mobile operators and private networks. The company designs and manufactures a portfolio of microwave and millimeter-wave equipment that serves as a fiber alternative for carrying voice, data and video traffic between cell sites and core networks. Ceragon’s solutions are engineered to support the rigorous performance requirements of modern 4G and 5G deployments, with an emphasis on scalability, reliability and efficient spectrum utilization.

The company’s product lineup includes point-to-point and multi-point radio platforms, as well as software-driven network management tools that enable operators to plan, deploy and monitor end-to-end transport networks.