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

Ceragon Networks Ltd (NASDAQ:CRNT) was the target of a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 2,783,700 shares, an increase of 8.9% from the May 15th total of 2,556,700 shares. Approximately 4.6% of the shares of the stock are short sold. Based on an average daily volume of 526,000 shares, the days-to-cover ratio is presently 5.3 days.

Several equities research analysts have recently weighed in on CRNT shares. Oppenheimer set a $32.00 target price on shares of Iovance Biotherapeutics and gave the stock a “buy” rating in a report on Wednesday, July 3rd. ValuEngine lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday. BidaskClub raised shares of ZIX from a “buy” rating to a “strong-buy” rating in a report on Friday, May 3rd. TheStreet lowered shares of USD Partners from a “b-” rating to a “c+” rating in a report on Friday, May 10th. Finally, Zacks Investment Research raised shares of Flagstar Bancorp from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Ceragon Networks has an average rating of “Buy” and an average price target of $3.83.

Ceragon Networks stock traded down $0.11 during trading hours on Friday, reaching $2.75. 510,545 shares of the company’s stock traded hands, compared to its average volume of 585,322. The company has a market cap of $220.39 million, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 0.83 and a beta of 1.28. The business’s 50 day moving average price is $2.81. Ceragon Networks has a fifty-two week low of $2.45 and a fifty-two week high of $5.04.

Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings results on Monday, May 6th. The communications equipment provider reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. The business had revenue of $69.16 million for the quarter, compared to the consensus estimate of $73.74 million. Ceragon Networks had a net margin of 6.61% and a return on equity of 9.63%. As a group, sell-side analysts expect that Ceragon Networks will post 0.22 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. Seelaus Asset Management LLC bought a new position in shares of Ceragon Networks in the first quarter valued at $36,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Ceragon Networks in the first quarter valued at $54,000. Penserra Capital Management LLC bought a new position in shares of Ceragon Networks in the first quarter valued at $61,000. Delek Group Ltd. bought a new position in shares of Ceragon Networks in the first quarter valued at $186,000. Finally, Harvest Management LLC grew its stake in shares of Ceragon Networks by 38.0% in the first quarter. Harvest Management LLC now owns 80,300 shares of the communications equipment provider’s stock valued at $288,000 after buying an additional 22,100 shares in the last quarter. Hedge funds and other institutional investors own 20.83% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services worldwide. Its wireless backhaul solutions use microwave and millimeter wave technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

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