Zedge (NYSEAMERICAN:ZDGE) Share Price Passes Below Fifty Day Moving Average – Should You Sell?

Zedge, Inc. (NYSEAMERICAN:ZDGE)’s share price passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $3.09 and traded as low as $2.98. Zedge shares last traded at $2.98, with a volume of 24,740 shares changing hands.

Analyst Upgrades and Downgrades

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, Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.00.

Zedge Trading Down 0.3%

The firm has a market cap of $37.37 million, a P/E ratio of -33.11 and a beta of 1.20. The business’s fifty day moving average price is $3.09 and its two-hundred day moving average price is $3.14.

Zedge (NYSEAMERICAN:ZDGE) last issued 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 during 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 predict that Zedge, Inc. will post 0.31 EPS for the current fiscal year.

Zedge Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were given a $0.02 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.7%. Zedge’s payout ratio is currently -11.94%.

Institutional Trading of Zedge

Several large investors have recently made changes to their positions in the stock. Squarepoint Ops LLC bought a new position in shares of Zedge in the 3rd quarter valued at approximately $37,000. Raymond James Financial Inc. bought a new stake in Zedge during the second quarter worth approximately $40,000. Arrowstreet Capital Limited Partnership bought a new stake in Zedge during the third quarter worth approximately $87,000. Goldman Sachs Group Inc. boosted its position in Zedge by 35.5% during the fourth 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. Finally, Citadel Advisors LLC grew its holdings in Zedge by 304.7% during the third quarter. Citadel Advisors LLC now owns 49,520 shares of the company’s stock valued at $144,000 after purchasing an additional 37,285 shares during the last quarter. Institutional investors own 29.37% of the company’s stock.

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.