Perion Network (NASDAQ:PERI) Director Sells $18,822.31 in Stock

Key Points

• Director Michael Vorhaus sold 2,161 Perion Network shares for approximately $18,822, reducing his holdings by 8.78% to 22,452 shares. The sale covered tax-withholding obligations tied to vested equity awards.
• Perion shares opened at $8.50, below their 50-day and 200-day moving averages of $9.30 and $9.42, respectively. The stock’s 52-week range is $7.63 to $11.27, with a market capitalization of about $331.75 million.
• Analysts maintain a consensus “Moderate Buy” rating with a $13.88 price target, although Weiss Ratings downgraded the stock to “sell.” The company recently exceeded quarterly earnings and revenue estimates, reporting $0.09 EPS and $98.24 million in revenue.

Perion Network Ltd (NASDAQ:PERI - Get Free Report) Director Michael Vorhaus sold 2,161 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $8.71, for a total value of $18,822.31. Following the transaction, the director owned 22,452 shares of the company's stock, valued at approximately $195,556.92. This trade represents a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Perion Network Stock Performance

Shares of Perion Network stock opened at $8.50 on Monday. Perion Network Ltd has a 1 year low of $7.63 and a 1 year high of $11.27. The firm's 50-day simple moving average is $9.30 and its 200-day simple moving average is $9.42. The firm has a market cap of $331.75 million, a PE ratio of -24.29, a price-to-earnings-growth ratio of 0.99 and a beta of 1.13.

Perion Network (NASDAQ:PERI - Get Free Report) last released its earnings results on Tuesday, August 11th. The technology company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. The company had revenue of $98.24 million for the quarter, compared to the consensus estimate of $96.72 million. Perion Network had a positive return on equity of 2.43% and a negative net margin of 2.95%. On average, equities analysts predict that Perion Network Ltd will post 0.45 earnings per share for the current year.

Hedge Funds Weigh In On Perion Network

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Headlands Technologies LLC raised its position in shares of Perion Network by 282.5% during the 2nd quarter. Headlands Technologies LLC now owns 39,577 shares of the technology company's stock worth $384,000 after purchasing an additional 29,231 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Perion Network during the 2nd quarter valued at approximately $532,000. Bank of America Corp DE boosted its position in Perion Network by 101.3% during the 1st quarter. Bank of America Corp DE now owns 24,480 shares of the technology company's stock valued at $245,000 after purchasing an additional 12,317 shares during the period. Royal Bank of Canada grew its stake in Perion Network by 698.9% during the 1st quarter. Royal Bank of Canada now owns 10,170 shares of the technology company's stock worth $102,000 after buying an additional 8,897 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in Perion Network during the 1st quarter worth $1,568,000. 68.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of Perion Network from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, September 25th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $13.88.

Perion Network Company Profile

Perion Network Ltd. is a global advertising technology company that develops and operates digital advertising solutions for brands, agencies, publishers and retailers. Its technology supports campaign planning, audience targeting, media buying, creative delivery and performance measurement across multiple digital channels, including search, social, display, video, connected television and retail media.

The company's businesses have included Undertone, which provides digital advertising and creative solutions; Hivestack, a platform for programmatic digital out-of-home advertising; and other technology and media offerings designed to help advertisers reach audiences and help publishers monetize their content.

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