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Perion Network (NASDAQ:PERI) hit a new 52-week low on Thursday , Stock Ratings News reports. The stock traded as low as $6.44 and last traded at $6.44, with a volume of 61,527 shares traded. The stock had previously closed at $6.52.

Separately, analysts at Needham & Company LLC downgraded shares of Perion Network from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. They now have a $15.00 price target on the stock.

The stock’s 50-day moving average is $8.13 and its 200-day moving average is $10.19. The company has a market cap of $435.2 million and a price-to-earnings ratio of 15.67. Perion Network also was the recipient of a significant decline in short interest in August. As of August 15th, there was short interest totalling 633,767 shares, a decline of 46.4% from the July 31st total of 1,181,842 shares. Based on an average daily volume of 193,808 shares, the days-to-cover ratio is currently 3.3 days. Currently, 2.0% of the shares of the stock are sold short.

Perion Network (NASDAQ:PERI) last released its earnings data on Wednesday, August 6th. The company reported $0.39 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.39. The company had revenue of $111.10 million for the quarter, compared to the consensus estimate of $1.70 million. During the same quarter last year, the company posted $0.26 earnings per share. Perion Network’s revenue was up 36.9% compared to the same quarter last year. Analysts expect that Perion Network will post $1.29 EPS for the current fiscal year.

Perion Network Ltd, formerly IncrediMail Ltd., is an Internet content and media company. The Company’s products have been downloaded in more than 100 countries and in 2010, it recorded on average approximately 1.

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