What's Going On With Perion Network Stock Tuesday?

Perion Network Ltd PERI stock is trading higher Tuesday after it announced completing the acquisition of Hivestack Inc, a global innovative full-stack programmatic digital out-of-home (DOOH) company for $100 million in cash and performance-based payment plan of up to $25 million.

DOOH advertising revitalizes public areas by creating lively and engaging environments through visually striking, tailored content delivered in real-time. 

It uses advanced technology to target and present memorable, immersive advertisements, establishing meaningful connections between brands and on-the-move audiences. 

Perion Network's recent acquisition of Hivestack, a pioneer in programmatic DOOH technology since 2017, positions the company to capitalize on an emerging and promising market.

Many leading global brands, agencies, media owners, and partners, such as Uber, Colgate, Lego, InterContinental Hotel Group, Doordash, GroupM, dentsu, The Trade Desk, Xandr, Clear Channel, Lamar, and Stroër, among others, actively utilize Hivestack's platform.

Perion Network held $523.6 million in cash and equivalents as of September 30.

In November, Perion Network reported third-quarter FY23 revenue growth of 17% year-on-year to $185.31 million, above the consensus of $184.36 million. 

The company reported third-quarter FY23 revenue growth of 17% year-on-year to $185.31 million, versus the consensus of $184.36 million.

The stock has gained close to 9% year-to-date.

Price Action: PERI shares traded higher by 2.31% at $27.94 on the last check Tuesday.