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Strength Seen in Perion Network (PERI): Can Its 13% Jump Turn into More Strength?
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Perion Network (PERI - Free Report) shares rallied 13% in the last trading session to close at $23.01. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 4.8% loss over the past four weeks.
The surge in Perion’s share price reflects investors positive sentiments as the company released its impressive preliminary results for third-quarter 2022. Per the company’s preliminary report, third-quarter 2022 revenues increased 31% year-over-year to $158 million while adjusted EBITDA soared 76% to $31 million.
This digital media company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents a year-over-year change of +46.4%. Revenues are expected to be $155.15 million, up 28.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Perion Network, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PERI going forward to see if this recent jump can turn into more strength down the road.
Perion Network belongs to the Zacks Internet - Content industry. Another stock from the same industry, Tencent Music Entertainment Group Sponsored ADR (TME - Free Report) , closed the last trading session 1.1% lower at $4.40. Over the past month, TME has returned -6.3%.
Tencent Music Entertainment Group Sponsored ADR's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.10. Compared to the company's year-ago EPS, this represents a change of +11.1%. Tencent Music Entertainment Group Sponsored ADR currently boasts a Zacks Rank of #2 (Buy).
View the Zacks #1 Rank List
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Strength Seen in Perion Network (PERI): Can Its 13% Jump Turn into More Strength?
Perion Network (PERI - Free Report) shares rallied 13% in the last trading session to close at $23.01. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 4.8% loss over the past four weeks.
The surge in Perion’s share price reflects investors positive sentiments as the company released its impressive preliminary results for third-quarter 2022. Per the company’s preliminary report, third-quarter 2022 revenues increased 31% year-over-year to $158 million while adjusted EBITDA soared 76% to $31 million.
This digital media company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents a year-over-year change of +46.4%. Revenues are expected to be $155.15 million, up 28.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Perion Network, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PERI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Perion Network belongs to the Zacks Internet - Content industry. Another stock from the same industry, Tencent Music Entertainment Group Sponsored ADR (TME - Free Report) , closed the last trading session 1.1% lower at $4.40. Over the past month, TME has returned -6.3%.
Tencent Music Entertainment Group Sponsored ADR's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.10. Compared to the company's year-ago EPS, this represents a change of +11.1%. Tencent Music Entertainment Group Sponsored ADR currently boasts a Zacks Rank of #2 (Buy).