Ceragon Networks Ltd (NASDAQ:CRNT) Short Interest Up 16.7% in January

Ceragon Networks Ltd (NASDAQ:CRNT) was the target of a significant increase in short interest in January. As of January 31st, there was short interest totalling 3,430,000 shares, an increase of 16.7% from the January 15th total of 2,940,000 shares. Based on an average trading volume of 898,500 shares, the days-to-cover ratio is presently 3.8 days. Currently, 5.7% of the company’s stock are sold short.

Several research analysts recently commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of Ceragon Networks in a research note on Monday. Zacks Investment Research cut Ceragon Networks from a “hold” rating to a “strong sell” rating in a research note on Thursday. Oppenheimer cut Ceragon Networks from an “outperform” rating to a “market perform” rating in a research note on Tuesday, November 5th. Finally, ValuEngine upgraded Ceragon Networks from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $3.50.

A number of hedge funds and other institutional investors have recently made changes to their positions in CRNT. Penserra Capital Management LLC raised its stake in Ceragon Networks by 160.7% during the fourth quarter. Penserra Capital Management LLC now owns 576,960 shares of the communications equipment provider’s stock valued at $1,165,000 after buying an additional 355,617 shares in the last quarter. Phoenix Holdings Ltd. acquired a new stake in Ceragon Networks during the third quarter valued at approximately $164,000. BlackRock Inc. raised its stake in Ceragon Networks by 48.2% during the second quarter. BlackRock Inc. now owns 110,684 shares of the communications equipment provider’s stock valued at $324,000 after buying an additional 36,009 shares in the last quarter. Wealthsource Partners LLC acquired a new stake in Ceragon Networks during the fourth quarter valued at approximately $42,000. Finally, Virtu Financial LLC acquired a new stake in Ceragon Networks during the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 13.78% of the company’s stock.

Shares of NASDAQ:CRNT traded up $0.02 during trading on Friday, hitting $1.92. The company’s stock had a trading volume of 398,297 shares, compared to its average volume of 712,069. Ceragon Networks has a fifty-two week low of $1.67 and a fifty-two week high of $5.04. The stock’s 50-day moving average price is $2.13 and its two-hundred day moving average price is $2.33. The company has a market capitalization of $154.84 million, a PE ratio of -64.00, a PEG ratio of 1.75 and a beta of 1.20.

Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings data on Monday, February 10th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.05). Ceragon Networks had a negative net margin of 0.82% and a negative return on equity of 1.21%. The firm had revenue of $71.26 million for the quarter, compared to analyst estimates of $72.16 million. Equities research analysts forecast that Ceragon Networks will post 0.07 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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