Perion Network (NASDAQ:PERI) Director Michael Vorhaus Sells 2,161 Shares of Stock

Perion Network Ltd (NASDAQ:PERI) Director Michael Vorhaus sold 2,161 shares of Perion Network stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $8.71, for a total transaction of $18,822.31. Following the sale, the director directly owned 22,452 shares of the company’s stock, valued at $195,556.92. This represents a 8.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Perion Network Stock Performance

Shares of Perion Network stock opened at $8.51 on Tuesday. The firm has a fifty day moving average of $9.28 and a two-hundred day moving average of $9.42. The stock has a market capitalization of $332.15 million, a price-to-earnings ratio of -24.31, a PEG ratio of 0.99 and a beta of 1.13. Perion Network Ltd has a 52 week low of $7.63 and a 52 week high of $11.27.

Perion Network (NASDAQ:PERI) last posted its quarterly earnings results on Tuesday, August 11th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. Perion Network had a positive return on equity of 2.43% and a negative net margin of 2.95%.The business had revenue of $98.24 million for the quarter, compared to analyst estimates of $96.72 million. As a group, research analysts forecast that Perion Network Ltd will post 0.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PERI. SG Americas Securities LLC increased its stake in Perion Network by 21.9% in the first quarter. SG Americas Securities LLC now owns 12,190 shares of the technology company’s stock valued at $122,000 after purchasing an additional 2,186 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Perion Network by 698.9% in the 1st quarter. Royal Bank of Canada now owns 10,170 shares of the technology company’s stock valued at $102,000 after buying an additional 8,897 shares during the period. Y.D. More Investments Ltd increased its position in Perion Network by 29.6% in the 1st quarter. Y.D. More Investments Ltd now owns 50,002 shares of the technology company’s stock valued at $503,000 after buying an additional 11,435 shares in the last quarter. Bank of America Corp DE increased its position in Perion Network by 101.3% in the 1st quarter. Bank of America Corp DE now owns 24,480 shares of the technology company’s stock valued at $245,000 after buying an additional 12,317 shares in the last quarter. Finally, Perkins Capital Management Inc. grew its stake in Perion Network by 13.4% in the first quarter. Perkins Capital Management Inc. now owns 156,865 shares of the technology company’s stock valued at $1,567,000 after acquiring an additional 18,490 shares during the period. 68.12% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Perion Network from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 25th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.88.

Perion Network Company Profile

Perion Network Ltd. is a global advertising technology company that develops and operates digital advertising solutions for brands, agencies, publishers and retailers. Its technology supports campaign planning, audience targeting, media buying, creative delivery and performance measurement across multiple digital channels, including search, social, display, video, connected television and retail media.

The company’s businesses have included Undertone, which provides digital advertising and creative solutions; Hivestack, a platform for programmatic digital out-of-home advertising; and other technology and media offerings designed to help advertisers reach audiences and help publishers monetize their content.