Perion Network Ltd. (NASDAQ:PERI) Short Interest Update

Perion Network Ltd. (NASDAQ:PERI) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 1,720,000 shares, a drop of 33.6% from the June 15th total of 2,590,000 shares. Based on an average daily volume of 1,200,000 shares, the short-interest ratio is currently 1.4 days.

Perion Network Price Performance

PERI traded up $0.08 during trading on Friday, hitting $8.37. 31,662 shares of the stock traded hands, compared to its average volume of 852,549. The business has a 50 day moving average price of $10.47 and a 200 day moving average price of $18.57. The company has a market cap of $401.68 million, a price-to-earnings ratio of 3.95, a PEG ratio of 0.44 and a beta of 1.41. Perion Network has a twelve month low of $8.14 and a twelve month high of $36.86.

Perion Network (NASDAQ:PERI) last posted its earnings results on Wednesday, May 8th. The technology company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $157.82 million for the quarter, compared to the consensus estimate of $156.96 million. Perion Network had a return on equity of 20.70% and a net margin of 13.94%. On average, equities research analysts predict that Perion Network will post 0.86 earnings per share for the current year.

Institutional Trading of Perion Network

A number of hedge funds and other institutional investors have recently modified their holdings of PERI. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Perion Network by 18.8% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,943,795 shares of the technology company’s stock worth $88,657,000 after purchasing an additional 624,441 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Perion Network by 12.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,299,039 shares of the technology company’s stock worth $70,971,000 after purchasing an additional 260,000 shares during the last quarter. Victory Capital Management Inc. boosted its position in Perion Network by 8.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,188,634 shares of the technology company’s stock valued at $36,693,000 after acquiring an additional 92,665 shares during the last quarter. Congress Asset Management Co. MA boosted its position in Perion Network by 9.0% during the fourth quarter. Congress Asset Management Co. MA now owns 841,948 shares of the technology company’s stock valued at $25,991,000 after acquiring an additional 69,342 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Perion Network by 75.3% during the fourth quarter. BNP Paribas Financial Markets now owns 142,569 shares of the technology company’s stock valued at $4,401,000 after acquiring an additional 61,249 shares during the last quarter. Institutional investors own 68.12% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Needham & Company LLC downgraded shares of Perion Network from a “buy” rating to a “hold” rating in a research report on Monday, June 10th. Lake Street Capital cut their price objective on shares of Perion Network from $16.00 to $10.00 and set a “hold” rating for the company in a research report on Tuesday, June 11th. Roth Mkm restated a “neutral” rating and set a $13.00 price objective (down from $35.00) on shares of Perion Network in a research report on Tuesday, April 9th. Roth Capital downgraded shares of Perion Network from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 9th. Finally, Oppenheimer downgraded shares of Perion Network from an “outperform” rating to a “market perform” rating in a research report on Monday, June 10th. Seven analysts have rated the stock with a hold rating, According to data from MarketBeat, Perion Network has a consensus rating of “Hold” and an average target price of $24.60.

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.