Perion Network Ltd (NASDAQ:PERI) Short Interest Up 147.5% in August

Perion Network Ltd (NASDAQ:PERI) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 153,700 shares, an increase of 147.5% from the July 31st total of 62,100 shares. Based on an average daily trading volume, of 260,100 shares, the short-interest ratio is currently 0.6 days. Currently, 1.0% of the shares of the stock are sold short.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Meitav Dash Investments Ltd. boosted its holdings in shares of Perion Network by 30.3% during the 1st quarter. Meitav Dash Investments Ltd. now owns 17,210 shares of the technology company’s stock worth $47,000 after purchasing an additional 4,000 shares during the last quarter. Wells Fargo & Company MN acquired a new stake in shares of Perion Network in the second quarter valued at approximately $58,000. Seizert Capital Partners LLC purchased a new position in Perion Network during the second quarter worth approximately $316,000. River & Mercantile Asset Management LLP purchased a new position in Perion Network during the second quarter worth approximately $567,000. Finally, Renaissance Technologies LLC lifted its position in Perion Network by 5.5% during the second quarter. Renaissance Technologies LLC now owns 1,274,659 shares of the technology company’s stock worth $3,709,000 after buying an additional 66,340 shares in the last quarter. 12.62% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ PERI traded up $0.04 during mid-day trading on Wednesday, reaching $5.32. The company’s stock had a trading volume of 293,116 shares, compared to its average volume of 161,300. The stock has a 50-day moving average of $5.55 and a two-hundred day moving average of $3.67. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.31 and a current ratio of 1.31. The stock has a market capitalization of $148.12 million, a P/E ratio of 17.16, a P/E/G ratio of 2.45 and a beta of 0.98. Perion Network has a 1-year low of $2.47 and a 1-year high of $7.06.

Perion Network (NASDAQ:PERI) last posted its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.08. Perion Network had a net margin of 4.55% and a return on equity of 7.51%. The firm had revenue of $63.57 million for the quarter, compared to analyst estimates of $59.40 million. Analysts predict that Perion Network will post 0.39 EPS for the current fiscal year.

PERI has been the subject of a number of research analyst reports. Zacks Investment Research raised Perion Network from a “hold” rating to a “strong-buy” rating and set a $6.25 target price for the company in a report on Saturday, August 17th. TheStreet raised Perion Network from a “d+” rating to a “c+” rating in a research note on Friday, August 9th. Lake Street Capital initiated coverage on Perion Network in a research report on Monday, July 8th. They set a “buy” rating and a $6.00 price target for the company. Finally, ValuEngine downgraded Perion Network from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st.

About Perion Network

Perion Network Ltd. is a global technology company, which engages in the provision of advertising solutions to brands and publishers through innovative platforms. It is committed to providing data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform.

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