Perion Network Ltd. (NASDAQ:PERI) Short Interest Down 12.8% in September

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

Wall Street Analyst Weigh In

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

Perion Network Price Performance

Shares of PERI opened at $7.97 on Monday. The firm has a market cap of $382.49 million, a P/E ratio of 3.80, a price-to-earnings-growth ratio of 0.40 and a beta of 1.48. Perion Network has a 1 year low of $7.47 and a 1 year high of $32.99. The company has a 50 day simple moving average of $8.37 and a two-hundred day simple moving average of $11.25.

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. The company had revenue of $108.69 million for the quarter, compared to the consensus estimate of $106.98 million. Perion Network had a net margin of 11.34% and a return on equity of 15.65%. On average, sell-side analysts anticipate that Perion Network will post 0.91 earnings per share for the current year.

Institutional Investors Weigh In On Perion Network

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

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.