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

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a large drop in short interest in February. As of February 27th, there was short interest totaling 222,970 shares, a drop of 49.3% from the February 12th total of 440,066 shares. Approximately 0.3% of the company’s stock are short sold. Based on an average trading volume of 403,425 shares, the days-to-cover ratio is currently 0.6 days. Based on an average trading volume of 403,425 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.3% of the company’s stock are short sold.

Institutional Investors Weigh In On Ceragon Networks

Several institutional investors and hedge funds have recently made changes to their positions in CRNT. BNP Paribas Financial Markets purchased a new stake in Ceragon Networks in the 2nd quarter worth approximately $26,000. Jones Financial Companies Lllp lifted its stake 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 purchasing an additional 8,500 shares during the period. Walleye Capital LLC purchased a new stake in Ceragon Networks during the fourth quarter worth $27,000. Bank of Montreal Can acquired a new stake in Ceragon Networks during the second quarter valued at $35,000. Finally, Tamar Securities LLC increased its holdings in Ceragon Networks by 67.3% in the fourth quarter. Tamar Securities LLC now owns 17,016 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 6,848 shares in the last quarter. 13.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $3.00 price objective on shares of Ceragon Networks in a research note on Wednesday, November 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ceragon Networks in a report on Monday, December 29th. Finally, Zacks Research cut shares of Ceragon Networks from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 20th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.00.

Ceragon Networks Stock Performance

CRNT stock traded down $0.06 on Thursday, hitting $2.20. 463,651 shares of the company’s stock were exchanged, compared to its average volume of 393,483. The firm has a 50 day moving average price of $2.28 and a two-hundred day moving average price of $2.23. Ceragon Networks has a 12-month low of $1.82 and a 12-month high of $2.84. The stock has a market cap of $195.65 million, a P/E ratio of 32.29 and a beta of 1.20.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Tuesday, February 17th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). The business had revenue of $82.33 million during the quarter, compared to analyst estimates of $84.23 million. Ceragon Networks had a positive return on equity of 3.52% and a negative net margin of 0.62%. Sell-side analysts expect that Ceragon Networks will post 0.26 earnings per share for the current fiscal year.

About Ceragon Networks

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.