Perion Network (NASDAQ:PERI) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Perion Network's share price recently crossed above its 200-day moving average of $9.64, reaching a high of $9.79 during trading.
• Several analysts have upgraded their ratings for Perion Network, with Wall Street Zen moving from "hold" to "buy," and Lake Street Capital increasing their target price from $13.00 to $14.00.
• Institutional investors are actively increasing their stakes in Perion Network, with significant increases from firms like BNP Paribas Financial Markets, which grew its stake by 582.3% in the second quarter.

Shares of Perion Network Ltd (NASDAQ:PERI - Get Free Report) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $9.64 and traded as high as $9.79. Perion Network shares last traded at $9.67, with a volume of 190,949 shares changing hands.

Analyst Ratings Changes

PERI has been the subject of a number of recent research reports. Wall Street Zen raised 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 company a "buy" rating in a report 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 company. Based on data from MarketBeat.com, Perion Network presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.38.

Perion Network Stock Up 1.9%

The firm has a 50 day simple moving average of $9.72 and a 200-day simple moving average of $9.64. The company has a market cap of $433.51 million, a PE ratio of -80.58, a price-to-earnings-growth ratio of 0.84 and a beta of 1.46.

Hedge Funds Weigh In On Perion Network

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. grew its stake in Perion Network by 209.9% in 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 during the last quarter. State of Wyoming grew its stake in 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 purchasing an additional 2,196 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Perion Network by 582.3% in the second quarter. BNP Paribas Financial Markets now owns 64,644 shares of the technology company's stock valued at $656,000 after purchasing an additional 55,170 shares during the last quarter. Balyasny Asset Management L.P. grew its stake 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 valued at $427,000 after purchasing an additional 7,028 shares during the last quarter. Finally, Jump Financial LLC grew its stake in Perion Network by 38.8% in the second quarter. Jump Financial LLC now owns 81,498 shares of the technology company's stock valued at $827,000 after purchasing an additional 22,789 shares during the last quarter. Hedge funds and other 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.

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