CRNT Bear Put Spread Strategy
CRNT (Ceragon Networks Ltd.), in the Technology sector, (Communication Equipment industry), listed on NASDAQ.
Ceragon Networks Ltd., an Israeli company headquartered in Rosh HaAyin, was incorporated in 1996 and was formerly known as Giganet Ltd. before adopting its current name in September 2000. The firm specializes in furnishing advanced wireless backhaul and fronthaul systems, enabling cellular network operators and other wireless service providers to manage their telecommunication traffic efficiently. Leveraging sophisticated microwave and millimeter wave radio technologies, Ceragon's solutions facilitate high-speed, ultra-low latency data transfer. These systems are pivotal for connecting various network components, including 5G, 4G, 3G, and other cellular base stations, small or distributed cells, and the core infrastructure of service providers. Ceragon's product range encompasses several hardware families. This includes the IP-20 series for all-outdoor deployments (such as IP-20C, IP-20C-HP, IP-20S, IP-20E, and IP-20V) and split-mount/all-indoor configurations (like IP-20N/IP-20A, IP-20F, and IP-20G).
CRNT (Ceragon Networks Ltd.) trades in the Technology sector, specifically Communication Equipment, with a market capitalization of approximately $212.1M, a beta of 1.34 versus the broader market, a 52-week range of 1.82-3.29, average daily share volume of 644K, a public-listing history dating back to 2000, approximately 1K full-time employees. These structural characteristics shape how CRNT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.34 indicates CRNT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bear put spread on CRNT?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current CRNT snapshot
As of June 29, 2026, spot at $2.46, ATM IV 83.20%, IV rank 17.69%, expected move 23.85%. The bear put spread on CRNT below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 18-day expiry.
Why this bear put spread structure on CRNT specifically: CRNT IV at 83.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRNT bear put spread, with a market-implied 1-standard-deviation move of approximately 23.85% (roughly $0.59 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRNT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRNT should anchor to the underlying notional of $2.46 per share and to the trader's directional view on CRNT stock.
CRNT bear put spread setup
The CRNT bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CRNT near $2.46, the first option leg uses a $2.46 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRNT chain at a 18-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CRNT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $2.46 | N/A |
| Sell 1 | Put | $2.34 | N/A |
CRNT bear put spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
CRNT bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CRNT. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use bear put spread on CRNT
Bear put spreads on CRNT reduce the cost of a bearish CRNT stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CRNT thesis for this bear put spread
The market-implied 1-standard-deviation range for CRNT extends from approximately $1.87 on the downside to $3.05 on the upside. A CRNT bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CRNT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CRNT IV rank near 17.69% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CRNT at 83.20%. As a Technology name, CRNT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRNT-specific events.
CRNT bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CRNT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRNT alongside the broader basket even when CRNT-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CRNT are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CRNT chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CRNT?
- A bear put spread on CRNT is the bear put spread strategy applied to CRNT (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With CRNT stock trading near $2.46, the strikes shown on this page are snapped to the nearest listed CRNT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRNT bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the CRNT bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 83.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRNT bear put spread?
- The breakeven for the CRNT bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CRNT market-implied 1-standard-deviation expected move is approximately 23.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on CRNT?
- Bear put spreads on CRNT reduce the cost of a bearish CRNT stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current CRNT implied volatility affect this bear put spread?
- CRNT ATM IV is at 83.20% with IV rank near 17.69%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.