Perion Network Ltd. (NASDAQ:PERI) Short Interest Down 20.4% in December

Perion Network Ltd. (NASDAQ:PERI) was the target of a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 604,800 shares, a decline of 20.4% from the November 30th total of 759,800 shares. Based on an average trading volume of 306,200 shares, the days-to-cover ratio is currently 2.0 days.

Wall Street Analysts Forecast Growth

PERI has been the subject of several recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Perion Network in a report on Thursday, November 7th. Stifel Nicolaus decreased their price objective on shares of Perion Network from $9.00 to $7.50 and set a “hold” rating for the company in a research note on Monday, October 14th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Perion Network presently has an average rating of “Hold” and a consensus target price of $12.13.

Perion Network Stock Performance

Shares of Perion Network stock traded up $0.08 during midday trading on Friday, reaching $8.45. 417,797 shares of the company’s stock traded hands, compared to its average volume of 624,785. The company has a market cap of $399.74 million, a price-to-earnings ratio of 9.09, a price-to-earnings-growth ratio of 0.45 and a beta of 1.47. Perion Network has a 52 week low of $7.47 and a 52 week high of $31.60. The company’s 50 day simple moving average is $8.55 and its 200 day simple moving average is $8.42.

Institutional Investors Weigh In On Perion Network

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its stake in shares of Perion Network by 9.7% in the second quarter. Van ECK Associates Corp now owns 16,540 shares of the technology company’s stock worth $138,000 after buying an additional 1,468 shares during the last quarter. Tidal Investments LLC lifted its position in Perion Network by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 50,338 shares of the technology company’s stock worth $397,000 after acquiring an additional 2,225 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Perion Network by 17.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,244 shares of the technology company’s stock valued at $128,000 after acquiring an additional 2,299 shares during the period. Sei Investments Co. grew its position in shares of Perion Network by 9.4% in the second quarter. Sei Investments Co. now owns 59,343 shares of the technology company’s stock valued at $496,000 after purchasing an additional 5,078 shares during the last quarter. Finally, Equitable Trust Co. increased its stake in shares of Perion Network by 19.1% in the third quarter. Equitable Trust Co. now owns 65,770 shares of the technology company’s stock worth $518,000 after purchasing an additional 10,535 shares during the period. 68.12% of the stock is currently owned by institutional investors and hedge funds.

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.