Investors Buy Large Volume of Call Options on Ceragon Networks (NASDAQ:CRNT)

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient of some unusual options trading activity on Wednesday. Traders acquired 11,223 call options on the stock. This represents an increase of approximately 422% compared to the typical volume of 2,149 call options.

Ceragon Networks Price Performance

CRNT stock opened at $2.44 on Thursday. The company has a market cap of $216.77 million, a price-to-earnings ratio of 9.04 and a beta of 1.62. The company has a fifty day moving average price of $3.32 and a 200 day moving average price of $3.47. Ceragon Networks has a 12 month low of $2.25 and a 12 month high of $5.73.

Institutional Investors Weigh In On Ceragon Networks

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Penn Capital Management Company LLC purchased a new position in shares of Ceragon Networks in the 4th quarter valued at approximately $54,000. Commonwealth Equity Services LLC acquired a new stake in Ceragon Networks in the fourth quarter valued at about $58,000. Bravias Capital Group LLC purchased a new stake in Ceragon Networks in the 4th quarter valued at approximately $71,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Ceragon Networks during the 4th quarter worth approximately $81,000. Finally, Perigon Wealth Management LLC acquired a new position in Ceragon Networks during the 4th quarter worth approximately $90,000. 13.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRNT has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Ceragon Networks in a research note on Wednesday, February 12th. StockNews.com cut shares of Ceragon Networks from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. Finally, Craig Hallum started coverage on Ceragon Networks in a research report on Thursday, March 13th. They issued a “buy” rating and a $5.00 price target on the stock. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $6.38.

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.