Short Interest in Perion Network Ltd. (NASDAQ:PERI) Decreases By 31.9%

Perion Network Ltd. (NASDAQ:PERI - Get Free Report) saw a significant drop in short interest in 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. Currently, 1.7% of the company's stock are short sold. Based on an average daily volume of 538,000 shares, the days-to-cover ratio is presently 1.4 days.

Perion Network Stock Performance

Shares of PERI stock traded up $0.05 during trading on Tuesday, hitting $10.68. The company had a trading volume of 220,135 shares, compared to its average volume of 490,950. The firm has a market capitalization of $478.73 million, a P/E ratio of 41.08, a price-to-earnings-growth ratio of 0.76 and a beta of 1.47. Perion Network has a one year low of $7.00 and a one year high of $12.74. The stock's 50-day moving average price is $9.24 and its 200 day moving average price is $8.90.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PERI shares. Lake Street Capital raised their price objective on shares of Perion Network from $10.50 to $13.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Roth Capital set a $14.00 price target on Perion Network in a report on Wednesday, May 14th. Roth Mkm raised Perion Network from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $9.00 to $14.00 in a report on Wednesday, May 14th. Needham & Company LLC reissued a "hold" rating on shares of Perion Network in a report on Wednesday, May 14th. Finally, Wall Street Zen raised Perion Network from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $12.13.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its position in shares of Perion Network by 23.1% in the first quarter. Goldman Sachs Group Inc. now owns 343,723 shares of the technology company's stock worth $2,798,000 after purchasing an additional 64,442 shares during the period. Murchinson Ltd. bought a new position in shares of Perion Network in the first quarter worth $2,274,000. NewEdge Advisors LLC bought a new position in shares of Perion Network in the first quarter worth $160,000. PDT Partners LLC lifted its position in shares of Perion Network by 23.9% during the 1st quarter. PDT Partners LLC now owns 142,640 shares of the technology company's stock worth $1,161,000 after buying an additional 27,543 shares during the last quarter. Finally, Caption Management LLC bought a new stake in shares of Perion Network during the 1st quarter worth $60,000. Institutional investors own 68.12% of the company's stock.

Perion Network Company Profile

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.