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

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Squarepoint Ops LLC lifted its stake in shares of Ceragon Networks by 429.5% during the fourth quarter. Squarepoint Ops LLC now owns 250,000 shares of the communications equipment provider’s stock valued at $1,168,000 after buying an additional 202,790 shares during the period. Two Sigma Advisers LP raised its holdings in Ceragon Networks by 404.9% in the 4th quarter. Two Sigma Advisers LP now owns 71,700 shares of the communications equipment provider’s stock valued at $335,000 after acquiring an additional 57,500 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of Ceragon Networks by 951.7% during the 4th quarter. Two Sigma Investments LP now owns 296,588 shares of the communications equipment provider’s stock worth $1,385,000 after purchasing an additional 268,388 shares during the period. Millennium Management LLC boosted its holdings in shares of Ceragon Networks by 123.9% during the fourth quarter. Millennium Management LLC now owns 962,898 shares of the communications equipment provider’s stock worth $4,497,000 after purchasing an additional 532,798 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of Ceragon Networks by 26.7% in the fourth quarter. Lazard Asset Management LLC now owns 570,288 shares of the communications equipment provider’s stock valued at $2,663,000 after purchasing an additional 120,106 shares during the period. 13.31% of the stock is currently owned by hedge funds and other institutional investors.

Ceragon Networks Stock Up 3.4 %

CRNT opened at $2.44 on Thursday. The firm has a market cap of $216.77 million, a P/E ratio of 9.04 and a beta of 1.62. The business’s fifty day simple moving average is $3.32 and its 200 day simple moving average is $3.47. Ceragon Networks has a 52 week low of $2.25 and a 52 week high of $5.73.

Analyst Ratings Changes

A number of brokerages have issued reports on CRNT. StockNews.com cut shares of Ceragon Networks from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. 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. Finally, Craig Hallum started coverage on Ceragon Networks in a research report on Thursday, March 13th. They set a “buy” rating and a $5.00 target price on the stock. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.38.

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.