Perion Network Ltd (NASDAQ:PERI) shares are dropping big in early morning trading today. The company, which in early December acquired Undertone, a leader in high-impact, cross-screen advertising solutions for a sum of $180 million, currently trades at a market cap of just $259 million. Since the deal, the stock rose from around $2.37 to nearly $3.90 in a matter of a few weeks. Shares closed 2015 out strong at $3.63 after they raised their fourth quarter guidance to account for the closing of the December 1 acquisition.
Today is another story though, as Perion Network Ltd (NASDAQ:PERI) stock is down over 12% on the day. Perhaps traders are taking some of the profits off the table now that we are in a new tax year. The stock is down 11.71% or $0.43 following the news, hitting $3.2 per share. About 853,480 shares traded hands or 542.19% up from the average. PERI has risen 7.72% since May 29, 2015 and is uptrending. It has outperformed the S&P500 by 10.73%.
Perion Network Ltd. is a global performance media and Internet company. The company has a market cap of $258.40 million. The Firm is engaged in providing online publishers and application (app) developers advanced technology and a range of intelligent, data-driven solutions to monetize their application or content and expand their reach to audiences. It currently has negative earnings. The Company’s software monetization platform, Perion Codefuel, enables digital businesses to optimize installs, analyze data and maximize revenue.