Zedge, Inc. (NYSEAMERICAN:ZDGE) Short Interest Up 188.4% in August

Zedge, Inc. (NYSEAMERICAN:ZDGE) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 70,643 shares, an increase of 188.4% from the August 15th total of 24,494 shares. Currently, 0.7% of the company’s shares are short sold. Based on an average daily trading volume, of 125,497 shares, the short-interest ratio is currently 0.6 days.

Zedge Stock Performance

Shares of NYSEAMERICAN ZDGE opened at $3.10 on Friday. The stock has a market cap of $38.87 million, a price-to-earnings ratio of -34.44 and a beta of 1.22. Zedge has a fifty-two week low of $2.21 and a fifty-two week high of $4.70. The firm’s 50-day simple moving average is $2.99 and its 200 day simple moving average is $3.04.

Zedge (NYSEAMERICAN:ZDGE) last posted 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 firm had revenue of $7.99 million for the quarter, compared to the consensus estimate of $7.00 million. Zedge had a negative net margin of 3.62% and a positive return on equity of 11.18%. On average, sell-side analysts predict that Zedge will post 0.31 EPS for the current year.

Institutional Investors Weigh In On Zedge

Several large investors have recently added to or reduced their stakes in ZDGE. Kahn Brothers Group Inc. purchased a new position in shares of Zedge in the second quarter valued at $242,000. NewEdge Advisors LLC lifted its holdings in Zedge by 2,923.0% during the 1st quarter. NewEdge Advisors LLC now owns 58,918 shares of the company’s stock worth $173,000 after purchasing an additional 56,969 shares in the last quarter. Hillsdale Investment Management Inc. lifted its holdings in Zedge by 1,982.8% during the 1st quarter. Hillsdale Investment Management Inc. now owns 50,653 shares of the company’s stock worth $148,000 after purchasing an additional 48,221 shares in the last quarter. HRT Financial LP bought a new position in Zedge in the 4th quarter worth about $158,000. Finally, Goldman Sachs Group Inc. boosted its stake in Zedge by 35.5% in 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 period. Hedge funds and other institutional investors own 29.37% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.