Perion Network Ltd (NASDAQ:PERI) Short Interest Down 41.3% in July

Key Points

• Short interest in Perion Network Ltd (NASDAQ:PERI) declined significantly by 41.3% in July, from 605,500 shares to 355,200 shares.
• A number of institutional investors have recently increased their stakes or acquired new positions in Perion Network, bringing institutional ownership to 68.12%.
• Wall Street analysts are optimistic about the company, with a consensus rating of "Moderate Buy" and an average price target of $12.38, reflecting potential growth.

Perion Network Ltd (NASDAQ:PERI - Get Free Report) was the recipient of a significant decline in short interest in the month of July. As of July 31st, there was short interest totaling 355,200 shares, adeclineof41.3% from the July 15th total of 605,500 shares. Currently,0.8% of the company's shares are sold short. Based on an average daily volume of 410,800 shares, the days-to-cover ratio is currently 0.9 days. Based on an average daily volume of 410,800 shares, the days-to-cover ratio is currently 0.9 days. Currently,0.8% of the company's shares are sold short.

Institutional Trading of Perion Network

Several institutional investors and hedge funds have recently made changes to their positions in the company. State of Wyoming raised its holdings in shares of Perion Network by 11.0% in the second quarter. State of Wyoming now owns 22,147 shares of the technology company's stock valued at $225,000 after acquiring an additional 2,196 shares in the last quarter. Two Sigma Advisers LP raised its holdings in Perion Network by 2.2% in the fourth quarter. Two Sigma Advisers LP now owns 116,600 shares of the technology company's stock worth $988,000 after purchasing an additional 2,500 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Perion Network in the fourth quarter worth about $41,000. LPL Financial LLC raised its holdings in Perion Network by 2.8% in the first quarter. LPL Financial LLC now owns 243,563 shares of the technology company's stock worth $1,983,000 after purchasing an additional 6,649 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in Perion Network by 20.0% in the second quarter. Balyasny Asset Management L.P. now owns 42,115 shares of the technology company's stock worth $427,000 after purchasing an additional 7,028 shares in the last quarter. 68.12% of the stock is currently owned by institutional investors.

Perion Network Stock Up 2.2%

Shares of PERI stock traded up $0.20 on Friday, hitting $9.37. The stock had a trading volume of 202,701 shares, compared to its average volume of 449,945. The business has a 50 day moving average price of $10.31 and a 200 day moving average price of $9.53. The company has a market cap of $420.06 million, a PE ratio of -78.08, a P/E/G ratio of 0.90 and a beta of 1.43. Perion Network has a one year low of $6.99 and a one year high of $11.79.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PERI shares. Needham & Company LLC reissued a "hold" rating on shares of Perion Network in a research note on Wednesday, May 14th. Roth Mkm raised shares of Perion Network from a "neutral" rating to a "buy" rating and boosted their target price for the company from $9.00 to $14.00 in a research note on Wednesday, May 14th. Wall Street Zen raised shares of Perion Network from a "hold" rating to a "buy" rating in a research note on Saturday, August 16th. Roth Capital set a $14.00 target price on shares of Perion Network in a research note on Wednesday, May 14th. Finally, Lake Street Capital boosted their target price on shares of Perion Network from $13.00 to $14.00 and gave the company 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 given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $12.38.

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.