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

Ceragon Networks Ltd (NASDAQ:CRNT) saw a significant growth in short interest in the month of June. As of June 30th, there was short interest totalling 2,959,400 shares, a growth of 6.3% from the May 30th total of 2,783,700 shares. Currently, 4.9% of the company’s shares are sold short. Based on an average daily volume of 546,800 shares, the short-interest ratio is presently 5.4 days.

Several institutional investors have recently added to or reduced their stakes in CRNT. Two Sigma Investments LP raised its stake in shares of Ceragon Networks by 168.0% in the 4th quarter. Two Sigma Investments LP now owns 621,055 shares of the communications equipment provider’s stock valued at $2,348,000 after acquiring an additional 389,309 shares during the period. Deutsche Bank AG raised its stake in shares of Ceragon Networks by 73.4% in the 4th quarter. Deutsche Bank AG now owns 393,939 shares of the communications equipment provider’s stock valued at $1,489,000 after acquiring an additional 166,772 shares during the period. Two Sigma Advisers LP raised its stake in shares of Ceragon Networks by 50.9% in the 4th quarter. Two Sigma Advisers LP now owns 453,600 shares of the communications equipment provider’s stock valued at $1,715,000 after acquiring an additional 153,100 shares during the period. Millennium Management LLC raised its stake in shares of Ceragon Networks by 20.5% in the 4th quarter. Millennium Management LLC now owns 468,093 shares of the communications equipment provider’s stock valued at $1,769,000 after acquiring an additional 79,725 shares during the period. Finally, Acadian Asset Management LLC raised its stake in shares of Ceragon Networks by 2.3% in the 1st quarter. Acadian Asset Management LLC now owns 3,191,940 shares of the communications equipment provider’s stock valued at $11,460,000 after acquiring an additional 71,937 shares during the period. 20.83% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have commented on CRNT shares. ValuEngine raised shares of Zuora from a “hold” rating to a “buy” rating in a research note on Saturday, July 6th. Zacks Investment Research raised shares of Flagstar Bancorp from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Monday, July 8th. BidaskClub raised shares of ZIX from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 3rd. TheStreet downgraded shares of USD Partners from a “b-” rating to a “c+” rating in a research note on Friday, May 10th. Finally, Oppenheimer set a $32.00 target price on shares of Iovance Biotherapeutics and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Ceragon Networks currently has a consensus rating of “Hold” and an average target price of $3.83.

Shares of CRNT stock opened at $2.54 on Wednesday. The stock’s 50-day moving average price is $2.82. Ceragon Networks has a 12 month low of $2.51 and a 12 month high of $5.04. The stock has a market capitalization of $201.96 million, a P/E ratio of 14.00, a PEG ratio of 0.76 and a beta of 1.28.

Ceragon Networks (NASDAQ:CRNT) last issued its earnings results on Monday, May 6th. The communications equipment provider reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. The company 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, analysts anticipate that Ceragon Networks will post 0.22 EPS for the current year.

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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