Ceragon Networks Sees Unusually Large Options Volume (NASDAQ:CRNT)

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient of unusually large options trading activity on Wednesday. Stock traders acquired 11,223 call options on the company. This is an increase of approximately 422% compared to the typical volume of 2,149 call options.

Ceragon Networks Trading Up 1.5 %

CRNT traded up $0.04 on Wednesday, hitting $2.40. 1,877,097 shares of the stock traded hands, compared to its average volume of 1,010,905. The business has a fifty day moving average price of $3.37 and a two-hundred day moving average price of $3.48. The firm has a market capitalization of $212.77 million, a PE ratio of 8.87 and a beta of 1.62. Ceragon Networks has a 52 week low of $2.25 and a 52 week high of $5.73.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CRNT. Litchfield Hills Research assumed coverage on Ceragon Networks in a research report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price target on the stock. StockNews.com lowered Ceragon Networks from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. Needham & Company LLC reiterated a “buy” rating and set a $6.00 price target on shares of Ceragon Networks in a report on Wednesday, February 12th. Finally, Craig Hallum initiated coverage on Ceragon Networks in a research report on Thursday, March 13th. They issued a “buy” rating and a $5.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $6.38.

Institutional Trading of Ceragon Networks

Institutional investors and hedge funds have recently modified their holdings of the company. Penn Capital Management Company LLC bought a new position in Ceragon Networks during the fourth quarter worth about $54,000. Commonwealth Equity Services LLC bought a new position in shares of Ceragon Networks in the fourth quarter worth about $58,000. Bravias Capital Group LLC bought a new stake in shares of Ceragon Networks during the fourth quarter valued at approximately $71,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Ceragon Networks in the 4th quarter valued at $81,000. Finally, Perigon Wealth Management LLC bought a new position in Ceragon Networks in the fourth quarter valued at about $90,000. 13.31% of the stock is currently owned by institutional investors.

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.