Short Interest in Perion Network Ltd. (NASDAQ:PERI) Increases By 48.9%

Perion Network Ltd. (NASDAQ:PERI) was the recipient of a large growth in short interest in February. As of February 28th, there was short interest totalling 943,400 shares, a growth of 48.9% from the February 13th total of 633,400 shares. Based on an average daily volume of 394,500 shares, the short-interest ratio is presently 2.4 days. Approximately 2.2% of the company’s shares are short sold.

Perion Network Stock Performance

Shares of PERI traded down $0.06 during mid-day trading on Monday, reaching $8.69. The company had a trading volume of 246,748 shares, compared to its average volume of 435,973. The company has a market capitalization of $389.66 million, a price-to-earnings ratio of 33.44, a price-to-earnings-growth ratio of 0.76 and a beta of 1.53. The firm has a 50-day moving average price of $8.86 and a 200 day moving average price of $8.54. Perion Network has a 52 week low of $7.47 and a 52 week high of $23.03.

Perion Network (NASDAQ:PERI) last posted its quarterly earnings results on Wednesday, February 19th. The technology company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.15). The company had revenue of $129.58 million during the quarter, compared to analysts’ expectations of $130.44 million. Perion Network had a return on equity of 5.55% and a net margin of 2.53%. As a group, research analysts forecast that Perion Network will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Perion Network

Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of Perion Network in the fourth quarter worth $41,000. SBI Securities Co. Ltd. bought a new stake in shares of Perion Network during the 4th quarter valued at about $45,000. Perritt Capital Management Inc purchased a new stake in shares of Perion Network during the 4th quarter valued at about $127,000. Point72 Asset Management L.P. bought a new position in shares of Perion Network in the 3rd quarter worth approximately $134,000. Finally, XTX Topco Ltd purchased a new position in shares of Perion Network in the third quarter worth approximately $150,000. 68.12% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. StockNews.com downgraded shares of Perion Network from a “hold” rating to a “sell” rating in a research note on Thursday, February 20th. Lake Street Capital restated a “buy” rating and issued a $10.50 target price (down previously from $11.00) on shares of Perion Network in a research note on Wednesday, February 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Perion Network in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.25.

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.