Zedge (NYSEAMERICAN:ZDGE) Shares Cross Below Fifty Day Moving Average – Here’s Why

Zedge, Inc. (NYSEAMERICAN:ZDGE) crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $3.01 and traded as low as $2.87. Zedge shares last traded at $2.90, with a volume of 45,616 shares changing hands.

Wall Street Analyst Weigh In

Separately, Zacks Research raised Zedge to a “hold” rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $6.00.

Zedge Price Performance

The firm has a fifty day simple moving average of $3.00 and a 200 day simple moving average of $3.05. The company has a market capitalization of $35.99 million, a price-to-earnings ratio of -31.89 and a beta of 1.22.

Zedge (NYSEAMERICAN:ZDGE) last announced its earnings results on Thursday, June 11th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.02. The business had revenue of $7.99 million during the quarter, compared to the consensus estimate of $7.00 million. Zedge had a positive return on equity of 11.18% and a negative net margin of 3.62%. Research analysts predict that Zedge, Inc. will post 0.31 EPS for the current year.

Zedge Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, June 22nd. Zedge’s dividend payout ratio is -11.94%.

Institutional Investors Weigh In On Zedge

Several large investors have recently bought and sold shares of ZDGE. HRT Financial LP purchased a new position in Zedge in the 4th quarter valued at $158,000. Goldman Sachs Group Inc. boosted its stake in Zedge by 35.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 42,029 shares of the company’s stock worth $138,000 after purchasing an additional 11,022 shares during the last quarter. Citadel Advisors LLC grew its holdings in shares of Zedge by 304.7% during the third quarter. Citadel Advisors LLC now owns 49,520 shares of the company’s stock worth $144,000 after buying an additional 37,285 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Zedge during the third quarter worth $87,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Zedge in the second quarter valued at about $40,000. 29.37% of the stock is currently owned by hedge funds and other institutional investors.

Zedge Company Profile

Zedge, Inc (NYSE American: ZDGE) is a digital media and technology company that operates a mobile personalization platform. Through its flagship Zedge app and website, the company provides consumers with a wide range of downloadable digital content, including wallpapers, ringtones, notification sounds, app icons and lock screens. The platform accommodates both free and premium content, enabling users to customize their smartphones and tablets according to personal taste.

The company’s platform features content created by independent designers and established media brands, and it supports multiple languages and regional preferences.