Short Interest in Zedge, Inc. (NYSEAMERICAN:ZDGE) Drops By 47.0%

Zedge, Inc. (NYSEAMERICAN:ZDGE) was the recipient of a significant drop in short interest in June. As of June 30th, there was short interest totaling 38,035 shares, a drop of 47.0% from the June 15th total of 71,719 shares. Based on an average daily volume of 147,205 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.4% of the company’s shares are sold short.

Hedge Funds Weigh In On Zedge

A number of hedge funds have recently bought and sold shares of ZDGE. Raymond James Financial Inc. bought a new position in shares of Zedge in the second quarter valued at approximately $40,000. Goldman Sachs Group Inc. lifted its stake in shares of Zedge by 35.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 42,029 shares of the company’s stock valued at $138,000 after buying an additional 11,022 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Zedge in the third quarter worth $37,000. Bailard Inc. boosted its stake in Zedge by 51.1% in the 4th quarter. Bailard Inc. now owns 60,100 shares of the company’s stock worth $197,000 after purchasing an additional 20,337 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Zedge during the third quarter valued at approximately $87,000. 29.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Zedge Price Performance

Shares of NYSEAMERICAN:ZDGE traded up $0.11 during mid-day trading on Wednesday, hitting $3.14. The company had a trading volume of 25,051 shares, compared to its average volume of 102,462. The firm has a fifty day moving average price of $3.08 and a 200 day moving average price of $3.16. Zedge has a one year low of $2.21 and a one year high of $4.89. The company has a market capitalization of $39.36 million, a PE ratio of -34.85 and a beta of 1.20.

Zedge (NYSEAMERICAN:ZDGE) last released its quarterly earnings data on Thursday, June 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. The company had revenue of $7.99 million for the quarter, compared to analysts’ expectations of $7.00 million. Zedge had a negative net margin of 3.62% and a positive return on equity of 11.18%. Research analysts expect that Zedge will post 0.31 earnings per share for the current fiscal year.

Zedge Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, June 22nd. Zedge’s dividend payout ratio (DPR) is -11.94%.

About Zedge

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.