Ceragon Networks Ltd. (NASDAQ:CRNT) Short Interest Down 20.0% in December

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a large decline in short interest in the month of December. As of December 31st, there was short interest totaling 726,791 shares, a decline of 20.0% from the December 15th total of 908,001 shares. Based on an average daily trading volume, of 617,256 shares, the short-interest ratio is currently 1.2 days. Currently, 1.0% of the shares of the company are sold short. Currently, 1.0% of the shares of the company are sold short. Based on an average daily trading volume, of 617,256 shares, the short-interest ratio is currently 1.2 days.

Ceragon Networks Stock Down 0.6%

Ceragon Networks stock traded down $0.02 during mid-day trading on Tuesday, hitting $2.35. 222,332 shares of the company’s stock traded hands, compared to its average volume of 714,196. Ceragon Networks has a one year low of $1.82 and a one year high of $5.52. The firm has a 50 day moving average price of $2.10 and a 200 day moving average price of $2.21. The company has a market cap of $208.54 million, a PE ratio of 117.31 and a beta of 1.07.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Wednesday, November 12th. The communications equipment provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Ceragon Networks had a net margin of 0.38% and a return on equity of 6.67%. The business had revenue of $85.48 million for the quarter, compared to analyst estimates of $83.48 million. On average, analysts expect that Ceragon Networks will post 0.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CRNT has been the topic of a number of recent research reports. Zacks Research raised shares of Ceragon Networks from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Needham & Company LLC reissued a “buy” rating and issued a $3.00 price target on shares of Ceragon Networks in a report on Wednesday, November 12th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Ceragon Networks in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Axis Wealth Partners LLC acquired a new stake in shares of Ceragon Networks in the second quarter valued at $26,000. BNP Paribas Financial Markets acquired a new stake in Ceragon Networks in the 2nd quarter valued at about $26,000. Jones Financial Companies Lllp boosted its position in shares of Ceragon Networks by 283.3% during the 3rd quarter. Jones Financial Companies Lllp now owns 11,500 shares of the communications equipment provider’s stock valued at $27,000 after purchasing an additional 8,500 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Ceragon Networks in the 2nd quarter worth approximately $35,000. Finally, Wedbush Securities Inc. grew its stake in shares of Ceragon Networks by 58.4% in the 2nd quarter. Wedbush Securities Inc. now owns 23,664 shares of the communications equipment provider’s stock worth $58,000 after purchasing an additional 8,727 shares during the last quarter. 13.31% of the stock is currently owned by institutional investors.

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.