What's Going On With Perion Network Stock Tuesday?
Portfolio Pulse from Anusuya Lahiri
Perion Network Ltd (NASDAQ:PERI) has completed the acquisition of Hivestack Inc for $100 million in cash and up to $25 million in performance-based payments. Hivestack is a leader in programmatic digital out-of-home (DOOH) advertising technology. The acquisition enables Perion Network to tap into the DOOH market, which is known for delivering real-time, immersive ads in public spaces. Perion Network's financials are strong, with $523.6 million in cash as of September 30 and a 17% year-on-year revenue growth in Q3 FY23, beating consensus estimates. PERI stock has risen by approximately 9% year-to-date and was up 2.31% to $27.94 in the last check on Tuesday.
December 12, 2023 | 5:20 pm
News sentiment analysis
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Ascending
POSITIVE IMPACT
Perion Network has acquired Hivestack, enhancing its capabilities in the DOOH advertising market. The company's strong financial position and recent revenue growth are positive indicators for investors.
The acquisition of Hivestack is likely to be viewed positively by investors as it positions Perion Network in a growing market segment. The company's strong financials and recent performance exceeding consensus estimates provide additional confidence in its short-term prospects. The stock's year-to-date gain and the positive price action on the announcement day further support a likely short-term positive impact.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100