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

Perion Network Ltd. (NASDAQ:PERI) was the target of a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 742,100 shares, a drop of 31.9% from the April 30th total of 1,090,000 shares. Based on an average trading volume of 538,000 shares, the days-to-cover ratio is presently 1.4 days. Approximately 1.7% of the company’s shares are sold short.

Hedge Funds Weigh In On Perion Network

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. bought a new stake in Perion Network in the fourth quarter worth $41,000. SBI Securities Co. Ltd. bought a new position in Perion Network during the 4th quarter worth about $45,000. Caption Management LLC purchased a new stake in shares of Perion Network during the first quarter valued at about $60,000. Perritt Capital Management Inc purchased a new stake in shares of Perion Network during the fourth quarter valued at about $127,000. Finally, NewEdge Advisors LLC purchased a new position in shares of Perion Network in the 1st quarter valued at approximately $160,000. Hedge funds and other institutional investors own 68.12% of the company’s stock.

Perion Network Stock Down 1.6%

Shares of PERI opened at $10.63 on Friday. The firm has a fifty day simple moving average of $9.18 and a two-hundred day simple moving average of $8.88. Perion Network has a twelve month low of $7.00 and a twelve month high of $12.74. The stock has a market capitalization of $476.49 million, a P/E ratio of 40.89, a PEG ratio of 0.76 and a beta of 1.47.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PERI. Needham & Company LLC reaffirmed a “hold” rating on shares of Perion Network in a research note on Wednesday, May 14th. Lake Street Capital increased their price objective on shares of Perion Network from $10.50 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, May 14th. Roth Mkm raised shares of Perion Network from a “neutral” rating to a “buy” rating and raised their price target for the stock from $9.00 to $14.00 in a research report on Wednesday, May 14th. Roth Capital set a $14.00 price objective on shares of Perion Network in a research note on Wednesday, May 14th. Finally, Wall Street Zen upgraded shares of Perion Network from a “sell” rating to a “hold” rating in a research note on Wednesday, May 21st. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $12.13.

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.