Ceragon Networks Target of Unusually Large Options Trading (NASDAQ:CRNT)

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient of some unusual options trading on Tuesday. Stock investors purchased 6,231 call options on the stock. This represents an increase of approximately 239% compared to the average daily volume of 1,836 call options.

Ceragon Networks Price Performance

Shares of CRNT stock traded down $0.76 during trading hours on Tuesday, reaching $4.05. The company had a trading volume of 4,005,106 shares, compared to its average volume of 2,355,891. Ceragon Networks has a 1-year low of $2.33 and a 1-year high of $5.73. The firm has a market cap of $345.52 million, a price-to-earnings ratio of 18.42 and a beta of 1.59. The company has a 50 day moving average of $4.71 and a 200 day moving average of $3.49.

Hedge Funds Weigh In On Ceragon Networks

Several institutional investors have recently modified their holdings of CRNT. Cubist Systematic Strategies LLC bought a new position in Ceragon Networks during the 2nd quarter worth approximately $56,000. Commonwealth Equity Services LLC bought a new position in shares of Ceragon Networks during the fourth quarter worth $58,000. Bravias Capital Group LLC acquired a new position in shares of Ceragon Networks in the 4th quarter valued at $71,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Ceragon Networks in the 4th quarter valued at $81,000. Finally, Perigon Wealth Management LLC acquired a new stake in Ceragon Networks during the 4th quarter worth $90,000. 13.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRNT has been the topic of a number of research analyst reports. Litchfield Hills Research started coverage on shares of Ceragon Networks in a report on Tuesday, December 3rd. They set a “buy” rating and a $10.00 price objective on the stock. Roth Mkm started coverage on Ceragon Networks in a research note on Monday, October 28th. They set a “buy” rating and a $4.50 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $6.00 price objective on shares of Ceragon Networks in a research report on Thursday, January 16th. Finally, Roth Capital upgraded shares of Ceragon Networks to a “strong-buy” rating in a research report on Monday, October 28th. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $6.83.

About Ceragon Networks

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.