Perion Network Ltd. (NASDAQ:PERI) Sees Significant Decrease in Short Interest

Perion Network Ltd. (NASDAQ:PERI) was the target of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 1,290,000 shares, a decrease of 12.8% from the August 31st total of 1,480,000 shares. Based on an average trading volume of 465,700 shares, the days-to-cover ratio is currently 2.8 days.

Analysts Set New Price Targets

Several brokerages have issued reports on PERI. Lake Street Capital raised shares of Perion Network from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Wednesday, July 31st. Oppenheimer downgraded Perion Network from an “outperform” rating to a “market perform” rating in a report on Monday, June 10th. Finally, Needham & Company LLC restated a “hold” rating on shares of Perion Network in a report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Perion Network currently has a consensus rating of “Hold” and an average price target of $13.67.

Institutional Investors Weigh In On Perion Network

Several hedge funds have recently made changes to their positions in PERI. BigSur Wealth Management LLC bought a new stake in shares of Perion Network in the second quarter valued at about $84,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Perion Network by 17.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,244 shares of the technology company’s stock worth $128,000 after acquiring an additional 2,299 shares in the last quarter. Van ECK Associates Corp increased its position in Perion Network by 9.7% during the 2nd quarter. Van ECK Associates Corp now owns 16,540 shares of the technology company’s stock valued at $138,000 after purchasing an additional 1,468 shares during the period. Riverwater Partners LLC bought a new stake in shares of Perion Network in the 2nd quarter valued at about $157,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Perion Network in the 2nd quarter worth approximately $157,000. 68.12% of the stock is currently owned by hedge funds and other institutional investors.

Perion Network Price Performance

Shares of PERI opened at $7.97 on Monday. The firm has a market capitalization of $382.49 million, a price-to-earnings ratio of 3.80, a PEG ratio of 0.40 and a beta of 1.48. The company has a 50-day moving average of $8.37 and a 200 day moving average of $11.25. Perion Network has a 1-year low of $7.47 and a 1-year high of $32.99.

Perion Network (NASDAQ:PERI) last announced its quarterly earnings results on Wednesday, July 31st. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Perion Network had a return on equity of 15.65% and a net margin of 11.34%. The firm had revenue of $108.69 million during the quarter, compared to analyst estimates of $106.98 million. On average, equities analysts anticipate that Perion Network will post 0.91 earnings per share for the current fiscal year.

Perion Network Company Profile

Perion Network Ltd. provides digital advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally. It offers Wildfire, a content monetization platform; search monetization solutions, including website monetization, search mediation, and app monetization; and cross-channel digital advertising software as a service platform.