Perion share price surges over 40%

Doron Gerstel Photo: PR

The Israeli company has improved its financial results, reduced its debt, and announced early repayment of its bonds.

Perion Networks Inc. (Nasdaq:PERI: TASE:PERI) has surged 42% in seven trading days on Nasdaq on larger-than-average turnovers. The company's current market cap is $105.3 million, 60% more than at the beginning of the year, but 90% below its peak in May 2013.

Perion, managed by CEO Doron Gerstel, provides software and services to help software and applications developers distribute and monetize their output. Perion also develops and distributes advertising campaigns. In recent months, the company has improved its financial results, reduced its debt, and announced early repayment of its bonds.

10 days ago, US investment house Lake Street Capital Markets published a positive recommendation for Perion with a target price of $6 for the share, which was more than double the company's share price at the time. Lake Street said that investors were missing out on growth in the Internet searches sector, Perion's core business, which has been fading in recent years, leading the company to expand into the advertising field. In recent months, however, results of search activity have improved, while advertising has been declining. For example, in the first quarter of the year, revenue from searches jumped 11.6% to $35.3 million. Perion will publish its second quarter results on August 7.

Published by Globes, Israel business news - en.globes.co.il - on July 18, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Doron Gerstel Photo: PR
Doron Gerstel Photo: PR
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