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

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a significant drop in short interest in January. As of January 30th, there was short interest totaling 602,514 shares, a drop of 25.3% from the January 15th total of 806,320 shares. Approximately 0.8% of the company’s shares are short sold. Based on an average daily volume of 418,859 shares, the days-to-cover ratio is presently 1.4 days. Based on an average daily volume of 418,859 shares, the days-to-cover ratio is presently 1.4 days. Approximately 0.8% of the company’s shares are short sold.

Wall Street Analyst Weigh In

CRNT has been the topic of several research analyst reports. Zacks Research downgraded Ceragon Networks from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 20th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ceragon Networks in a research report on Monday, December 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $3.00 price objective on shares of Ceragon Networks in a report on Wednesday, November 12th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $4.00.

Ceragon Networks Price Performance

CRNT stock opened at $2.26 on Tuesday. The stock has a market capitalization of $200.98 million, a P/E ratio of 113.06 and a beta of 1.19. Ceragon Networks has a fifty-two week low of $1.82 and a fifty-two week high of $3.54. The business has a 50-day moving average of $2.21 and a 200-day moving average of $2.20.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new stake in Ceragon Networks in the 2nd quarter valued at $26,000. Jones Financial Companies Lllp grew its holdings in shares of Ceragon Networks by 283.3% in the 3rd quarter. Jones Financial Companies Lllp now owns 11,500 shares of the communications equipment provider’s stock valued at $27,000 after acquiring an additional 8,500 shares in the last quarter. Walleye Capital LLC bought a new position in shares of Ceragon Networks in the 4th quarter valued at about $27,000. Bank of Montreal Can bought a new stake in Ceragon Networks during the second quarter worth about $35,000. Finally, Tamar Securities LLC raised its holdings in Ceragon Networks by 67.3% during the fourth quarter. Tamar Securities LLC now owns 17,016 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 6,848 shares in the last quarter. Institutional investors and hedge funds own 13.31% of the company’s stock.

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.