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

Ceragon Networks Ltd. (NASDAQ:CRNT) experienced a notable increase in short interest in February. As of February 15th, short interest stood at 732,400 shares, reflecting a remarkable growth of 195.2% compared to the short interest of 248,100 shares at the end of January. Currently, around 1.1% of the company's stock is sold short. With an average daily trading volume of approximately 2,450,000 shares, the days-to-cover ratio is calculated at 0.3 days.

Analysts Offer New Price Targets

Ceragon Networks has attracted the attention of several analysts recently. Litchfield Hills Research began coverage on the company's shares on December 3rd, assigning a "buy" rating along with a price target of $10.00. Meanwhile, Needham & Company LLC reaffirmed a "buy" rating and set a target price of $6.00 for the stock on February 12th. However, StockNews.com lowered its rating for Ceragon Networks from "buy" to "hold" in a report released on Thursday. Currently, one analyst has issued a hold rating, three have given a buy rating, and one has assigned a strong buy rating. According to MarketBeat, the stock holds an average rating of "Buy" with an average target price of $6.83.

Ceragon Networks Stock Performance Overview

On Friday, CRNT shares dipped by $0.06 to hit $2.75 during midday trading, with a total of 785,874 shares changing hands against an average trading volume of 2,532,318. The company’s 50-day moving average price is noted at $4.38, while its 200-day moving average price is $3.52. With a market capitalization of $234.47 million, Ceragon Networks has a P/E ratio of 10.18 and a beta of 1.59. In the past year, the stock reached a low of $2.33 and a high of $5.73.

Institutional Investors' Involvement in Ceragon Networks

Several institutional investors have made adjustments to their holdings in Ceragon Networks recently. Renaissance Technologies LLC increased its stake in the company by 47.1% during the fourth quarter, now owning 1,333,295 shares valued at $6,226,000 after purchasing an additional 426,760 shares. Millennium Management LLC also boosted its position by 123.9%, acquiring 532,798 shares to hold a total of 962,898 shares worth $4,497,000. Marshall Wace LLP significantly increased its holdings by 598.1%, now owning 703,091 shares valued at $3,283,000. Furthermore, Lazard Asset Management LLC raised its position by 26.7%, now holding 570,288 shares worth $2,663,000. Lastly, Navellier & Associates Inc. acquired a new stake valued at approximately $1,804,000. Overall, institutional investors control 13.31% of Ceragon Networks' stock.

About Ceragon Networks

Founded with a mission to provide wireless transport solutions, Ceragon Networks Ltd. serves cellular operators and wireless service providers across various regions including North America, Europe, Africa, Asia Pacific, the Middle East, India, and Latin America. Their technological offerings utilize microwave and millimeter-wave radio technology to facilitate telecommunications traffic between base stations, small cells, distributed cells, and service provider networks.

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