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Perion Network (PERI) Moves 8.0% Higher: Will This Strength Last?
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Perion Network (PERI - Free Report) shares soared 8% in the last trading session to close at $33.35. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.3% loss over the past four weeks.
The upswing in Perion's share price can be attributed to impressive preliminary second-quarter 2023 results. PERI now expects revenues to grow 20% year over year and adjusted EBITDA to jump 40%.
This digital media company is expected to post quarterly earnings of $0.63 per share in its upcoming report, which represents a year-over-year change of +23.5%. Revenues are expected to be $169.81 million, up 15.8% 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 is a member of the Zacks Internet - Content industry. One other stock in the same industry, Airbnb, Inc. (ABNB - Free Report) , finished the last trading session 2.7% lower at $128.16. ABNB has returned 13% over the past month.
For Airbnb, Inc., the consensus EPS estimate for the upcoming report has changed +1.5% over the past month to $0.80. This represents a change of +42.9% from what the company reported a year ago. Airbnb, Inc. currently has a Zacks Rank of #3 (Hold).
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Perion Network (PERI) Moves 8.0% Higher: Will This Strength Last?
Perion Network (PERI - Free Report) shares soared 8% in the last trading session to close at $33.35. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.3% loss over the past four weeks.
The upswing in Perion's share price can be attributed to impressive preliminary second-quarter 2023 results. PERI now expects revenues to grow 20% year over year and adjusted EBITDA to jump 40%.
This digital media company is expected to post quarterly earnings of $0.63 per share in its upcoming report, which represents a year-over-year change of +23.5%. Revenues are expected to be $169.81 million, up 15.8% 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 is a member of the Zacks Internet - Content industry. One other stock in the same industry, Airbnb, Inc. (ABNB - Free Report) , finished the last trading session 2.7% lower at $128.16. ABNB has returned 13% over the past month.
For Airbnb, Inc., the consensus EPS estimate for the upcoming report has changed +1.5% over the past month to $0.80. This represents a change of +42.9% from what the company reported a year ago. Airbnb, Inc. currently has a Zacks Rank of #3 (Hold).