Perion Network Ltd $PERI Shares Sold by Walleye Capital LLC

Key Points

• Walleye Capital LLC reduced its stake in Perion Network Ltd by 50.7%, now owning approximately 297,238 shares worth around $2.42 million at the end of the recent quarter.
• Several large investors increased or established new positions in Perion Network during the first quarter, indicating ongoing institutional interest in the stock.
• Brokerages have provided a moderate buy rating for Perion Network, with an average target price of $12.38 following recent upgrades from several firms.

Walleye Capital LLC lessened its holdings in Perion Network Ltd (NASDAQ:PERI - Free Report) by 50.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 297,238 shares of the technology company's stock after selling 305,473 shares during the period. Walleye Capital LLC owned about 0.66% of Perion Network worth $2,420,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PERI. State of Tennessee Department of Treasury lifted its position in Perion Network by 42.0% during the fourth quarter. State of Tennessee Department of Treasury now owns 80,424 shares of the technology company's stock valued at $681,000 after acquiring an additional 23,803 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Perion Network by 89.1% in the fourth quarter. BNP Paribas Financial Markets now owns 46,053 shares of the technology company's stock worth $390,000 after buying an additional 21,697 shares during the last quarter. Clearline Capital LP raised its holdings in shares of Perion Network by 20.5% in the fourth quarter. Clearline Capital LP now owns 339,705 shares of the technology company's stock worth $2,877,000 after buying an additional 57,880 shares during the last quarter. Man Group plc raised its holdings in shares of Perion Network by 11.6% in the fourth quarter. Man Group plc now owns 215,027 shares of the technology company's stock worth $1,821,000 after buying an additional 22,274 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Perion Network by 56.4% in the fourth quarter. Point72 Asset Management L.P. now owns 26,600 shares of the technology company's stock worth $225,000 after buying an additional 9,589 shares during the last quarter. Hedge funds and other institutional investors own 68.12% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PERI. 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 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. Needham & Company LLC reiterated a "hold" rating on shares of Perion Network in a research note on Wednesday, May 14th. Wall Street Zen upgraded shares of Perion Network from a "hold" rating to a "buy" rating in a research note on Saturday, August 16th. Finally, Lake Street Capital increased their price objective on shares of Perion Network from $13.00 to $14.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Perion Network presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.38.

Perion Network Price Performance

PERI stock traded down $0.29 during midday trading on Tuesday, hitting $8.94. 207,921 shares of the stock traded hands, compared to its average volume of 417,855. The firm has a market cap of $400.78 million, a P/E ratio of -74.33, a PEG ratio of 0.81 and a beta of 1.46. The stock's fifty day simple moving average is $10.27 and its 200-day simple moving average is $9.52. Perion Network Ltd has a 1-year low of $6.99 and a 1-year high of $11.79.

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.