Short Interest in Ceragon Networks Ltd (CRNT) Declines By 34.3%

Ceragon Networks Ltd (NASDAQ:CRNT) saw a large decline in short interest in December. As of December 15th, there was short interest totalling 336,529 shares, a decline of 34.3% from the November 30th total of 512,204 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily volume of 865,919 shares, the short-interest ratio is currently 0.4 days.

Several equities research analysts have commented on CRNT shares. Zacks Investment Research lowered shares of Ceragon Networks from a “hold” rating to a “sell” rating in a research report on Wednesday, November 8th. Jefferies Group restated a “hold” rating and set a $2.50 target price on shares of Ceragon Networks in a research report on Sunday, October 8th. Finally, ValuEngine upgraded shares of Ceragon Networks from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $2.50.

Shares of Ceragon Networks (CRNT) opened at $2.11 on Friday. Ceragon Networks has a 1 year low of $1.64 and a 1 year high of $4.23. The company has a market cap of $163.67, a price-to-earnings ratio of 10.05 and a beta of 1.05.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Monday, November 6th. The communications equipment provider reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. Ceragon Networks had a net margin of 5.06% and a return on equity of 12.60%. The business had revenue of $75.99 million for the quarter, compared to analyst estimates of $78.22 million. During the same period in the previous year, the firm earned $0.06 EPS. The business’s revenue for the quarter was down 4.0% compared to the same quarter last year. analysts forecast that Ceragon Networks will post 0.18 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. purchased a new stake in shares of Ceragon Networks in the 3rd quarter worth about $743,000. Menta Capital LLC purchased a new stake in shares of Ceragon Networks in the 2nd quarter worth about $408,000. Vanguard Group Inc. boosted its position in shares of Ceragon Networks by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,177,300 shares of the communications equipment provider’s stock worth $3,002,000 after buying an additional 55,702 shares in the last quarter. BT Investment Management Ltd purchased a new stake in shares of Ceragon Networks in the 2nd quarter worth about $506,000. Finally, Algert Global LLC boosted its position in shares of Ceragon Networks by 44.8% in the 3rd quarter. Algert Global LLC now owns 747,633 shares of the communications equipment provider’s stock worth $1,555,000 after buying an additional 231,314 shares in the last quarter. Institutional investors and hedge funds own 16.09% of the company’s stock.

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Ceragon Networks Company Profile

Ceragon Networks Ltd. offers wireless backhaul solutions. The Company’s products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others.

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