Perion Network Ltd (NASDAQ:PERI) Sees Significant Drop in Short Interest

Key Points

• Perion Network Ltd experienced a significant 31% reduction in short interest, with 488,400 shares short as of September 15th compared to 707,900 shares on August 31st.
• Perion Network's stock price is currently at $9.80, reflecting a 1.6% daily increase, and has a consensus target price of $12.38 from various analysts.
• Recent institutional activity shows a strong interest in Perion Network, with hedge funds owning 68.12% of the company's stock, and some funds significantly increasing their stakes in the past quarters.

Perion Network Ltd (NASDAQ:PERI - Get Free Report) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totaling 488,400 shares, a drop of 31.0% from the August 31st total of 707,900 shares. Based on an average daily volume of 320,900 shares, the short-interest ratio is presently 1.5 days. Based on an average daily volume of 320,900 shares, the short-interest ratio is presently 1.5 days.

Perion Network Stock Up 1.6%

PERI traded up $0.16 during trading on Monday, hitting $9.80. 73,667 shares of the company's stock were exchanged, compared to its average volume of 397,640. Perion Network has a fifty-two week low of $6.99 and a fifty-two week high of $11.79. The stock has a market cap of $439.11 million, a P/E ratio of -81.69, a PEG ratio of 0.85 and a beta of 1.54. The business's 50 day moving average is $9.59 and its two-hundred day moving average is $9.67.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Perion Network from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Lake Street Capital raised their target price on shares of Perion Network from $13.00 to $14.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Perion Network in a research report on Saturday, September 27th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Perion Network currently has a consensus rating of "Hold" and a consensus price target of $12.38.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. lifted its stake in shares of Perion Network by 209.9% during the 2nd quarter. Osaic Holdings Inc. now owns 2,721 shares of the technology company's stock valued at $28,000 after buying an additional 1,843 shares in the last quarter. Caption Management LLC bought a new position in shares of Perion Network in the first quarter worth approximately $60,000. R Squared Ltd purchased a new stake in shares of Perion Network during the 2nd quarter valued at $116,000. Magnetar Financial LLC bought a new stake in Perion Network during the second quarter worth about $144,000. Finally, NewEdge Advisors LLC purchased a new stake in Perion Network in the first quarter worth approximately $160,000. 68.12% of the stock is currently 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.

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