Perion Network Ltd (NASDAQ:PERI) Sees Large Growth in Short Interest

Key Points

• Short interest in Perion Network Ltd increased by 47.7% in August, totaling 524,500 shares, with a days-to-cover ratio of 1.7 days based on average trading volume.
• Recent analyst reports have upgraded Perion's rating from "neutral" to "buy," with several institutions raising their price targets to around $14.00.
• Institutional investors hold approximately 68.12% of Perion's stock, indicating strong institutional interest in the company.

Perion Network Ltd (NASDAQ:PERI - Get Free Report) was the target of a significant growth in short interest in the month of August. As of August 15th, there was short interest totaling 524,500 shares, a growth of 47.7% from the July 31st total of 355,200 shares. Based on an average daily trading volume, of 311,800 shares, the short-interest ratio is presently 1.7 days. Based on an average daily trading volume, of 311,800 shares, the short-interest ratio is presently 1.7 days.

Hedge Funds Weigh In On Perion Network

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. increased its stake in shares of Perion Network by 209.9% during the second quarter. Osaic Holdings Inc. now owns 2,721 shares of the technology company's stock valued at $28,000 after purchasing an additional 1,843 shares in the last quarter. State of Wyoming increased its position in shares of Perion Network by 11.0% during 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. BNP Paribas Financial Markets increased its position in shares of Perion Network by 582.3% during the second quarter. BNP Paribas Financial Markets now owns 64,644 shares of the technology company's stock valued at $656,000 after acquiring an additional 55,170 shares in the last quarter. Balyasny Asset Management L.P. increased its position in shares of Perion Network by 20.0% during the second quarter. Balyasny Asset Management L.P. now owns 42,115 shares of the technology company's stock valued at $427,000 after acquiring an additional 7,028 shares in the last quarter. Finally, Jump Financial LLC increased its position in shares of Perion Network by 38.8% during the second quarter. Jump Financial LLC now owns 81,498 shares of the technology company's stock valued at $827,000 after acquiring an additional 22,789 shares in the last quarter. Institutional investors own 68.12% of the company's stock.

Perion Network Stock Down 1.0%

Shares of NASDAQ PERI traded down $0.09 on Friday, reaching $9.29. 161,790 shares of the company's stock traded hands, compared to its average volume of 413,067. Perion Network has a 12 month low of $6.99 and a 12 month high of $11.79. The business's 50 day simple moving average is $10.08 and its two-hundred day simple moving average is $9.52. The company has a market cap of $416.42 million, a price-to-earnings ratio of -77.42, a price-to-earnings-growth ratio of 0.81 and a beta of 1.46.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PERI shares. Wall Street Zen upgraded Perion Network from a "hold" rating to a "buy" rating in a research report on Saturday, August 16th. Lake Street Capital lifted their price target on Perion Network from $13.00 to $14.00 and gave the company a "buy" rating in a research report on Tuesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.