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

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 128,000 shares, a decrease of 13.2% from the August 15th total of 147,400 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average daily volume of 349,900 shares, the short-interest ratio is currently 0.4 days.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRNT. Worth Venture Partners LLC increased its stake in Ceragon Networks by 17.8% in the 4th quarter. Worth Venture Partners LLC now owns 87,271 shares of the communications equipment provider’s stock valued at $189,000 after buying an additional 13,174 shares during the period. First Wilshire Securities Management Inc. increased its stake in Ceragon Networks by 1.0% in the 4th quarter. First Wilshire Securities Management Inc. now owns 3,043,001 shares of the communications equipment provider’s stock valued at $6,573,000 after buying an additional 31,439 shares during the period. Eagle Wealth Strategies LLC acquired a new position in Ceragon Networks in the 1st quarter valued at approximately $31,000. Essex Investment Management Co. LLC increased its stake in Ceragon Networks by 1.6% in the 1st quarter. Essex Investment Management Co. LLC now owns 1,080,444 shares of the communications equipment provider’s stock valued at $3,457,000 after buying an additional 16,630 shares during the period. Finally, Inspire Investing LLC acquired a new position in Ceragon Networks in the 1st quarter valued at approximately $884,000. Institutional investors and hedge funds own 13.31% of the company’s stock.

Ceragon Networks Stock Down 2.6 %

Shares of CRNT stock traded down $0.07 during trading hours on Wednesday, reaching $2.62. 272,902 shares of the stock traded hands, compared to its average volume of 460,356. Ceragon Networks has a 1-year low of $1.56 and a 1-year high of $3.38. The business has a fifty day moving average price of $2.78 and a 200 day moving average price of $2.79. The firm has a market capitalization of $223.80 million, a PE ratio of 53.80 and a beta of 1.35.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Wednesday, August 7th. The communications equipment provider reported $0.10 earnings per share (EPS) for the quarter. The business had revenue of $96.09 million for the quarter. Ceragon Networks had a net margin of 2.87% and a return on equity of 13.94%. Research analysts expect that Ceragon Networks will post 0.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on CRNT shares. StockNews.com raised shares of Ceragon Networks from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 29th. Needham & Company LLC restated a “buy” rating and set a $5.25 price target on shares of Ceragon Networks in a report on Thursday, August 8th.

Ceragon Networks Company Profile

Ceragon Networks Ltd., together with its subsidiaries, provides wireless transport solutions for cellular operators and other wireless service providers in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company's solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the service provider's network.