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

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

Perion Network Trading Down 0.7 %

Shares of PERI traded down $0.06 during mid-day trading on Monday, reaching $8.69. 246,748 shares of the stock traded hands, compared to its average volume of 435,973. The company has a market cap 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. Perion Network has a 1 year low of $7.47 and a 1 year high of $23.03. The firm has a fifty day moving average price of $8.86 and a 200 day moving average price of $8.54.

Perion Network (NASDAQ:PERI) last posted its earnings results on Wednesday, February 19th. The technology company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.15). The business had revenue of $129.58 million for 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%. On average, sell-side analysts anticipate that Perion Network will post 0.51 EPS for the current year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Perion Network

A number of large investors have recently modified their holdings of the company. Private Capital Management LLC increased its stake in shares of Perion Network by 33.4% in the third quarter. Private Capital Management LLC now owns 2,387,800 shares of the technology company’s stock worth $18,816,000 after buying an additional 598,228 shares during the period. Clearline Capital LP purchased a new stake in shares of Perion Network during the third quarter worth about $2,221,000. Systematic Financial Management LP boosted its holdings in shares of Perion Network by 38.3% during the fourth quarter. Systematic Financial Management LP now owns 648,085 shares of the technology company’s stock worth $5,489,000 after purchasing an additional 179,557 shares during the period. Sphera Management Technology Funds Ltd purchased a new position in Perion Network during the 4th quarter valued at about $995,000. Finally, JPMorgan Chase & Co. raised its position in Perion Network by 39.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 378,667 shares of the technology company’s stock valued at $2,984,000 after purchasing an additional 107,278 shares during the last quarter. 68.12% of the stock is owned by hedge funds and other institutional investors.

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.