Perion Network Ltd. (NASDAQ:PERI) Sees Large Decline in Short Interest

Perion Network Ltd. (NASDAQ:PERI) was the target of a significant decline in short interest in the month of December. As of December 15th, there was short interest totalling 604,800 shares, a decline of 20.4% from the November 30th total of 759,800 shares. Based on an average trading volume of 306,200 shares, the days-to-cover ratio is presently 2.0 days.

Wall Street Analyst Weigh In

PERI has been the topic of several research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Perion Network in a research report on Thursday, November 7th. Stifel Nicolaus lowered their price target on Perion Network from $9.00 to $7.50 and set a “hold” rating on the stock in a research note on Monday, October 14th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.13.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PERI. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of 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 purchasing an additional 2,299 shares in the last quarter. Van ECK Associates Corp grew its stake 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 worth $138,000 after buying an additional 1,468 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Perion Network during the third quarter worth approximately $134,000. Hsbc Holdings PLC acquired a new position in shares of Perion Network in the 2nd quarter worth approximately $157,000. Finally, XTX Topco Ltd acquired a new stake in Perion Network during the 3rd quarter valued at $150,000. 68.12% of the stock is owned by institutional investors.

Perion Network Trading Up 1.0 %

NASDAQ:PERI traded up $0.08 during mid-day trading on Friday, hitting $8.45. The company’s stock had a trading volume of 417,797 shares, compared to its average volume of 624,785. The company has a market capitalization of $399.74 million, a price-to-earnings ratio of 9.09, a P/E/G ratio of 0.45 and a beta of 1.47. Perion Network has a fifty-two week low of $7.47 and a fifty-two week high of $31.60. The stock has a fifty day moving average of $8.55 and a 200-day moving average of $8.42.

About Perion Network

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.