Zedge (NYSEAMERICAN:ZDGE) Stock Passes Below 50-Day Moving Average – What’s Next?

Zedge, Inc. (NYSEAMERICAN:ZDGE) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $3.08 and traded as low as $2.94. Zedge shares last traded at $2.97, with a volume of 24,951 shares.

Wall Street Analysts Forecast Growth

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

Zedge Stock Up 1.0%

The stock has a fifty day moving average of $3.08 and a two-hundred day moving average of $3.08. The stock has a market cap of $37.24 million, a price-to-earnings ratio of -33.00 and a beta of 1.22.

Zedge (NYSEAMERICAN:ZDGE) last released its quarterly earnings data on Thursday, June 11th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. Zedge had a negative net margin of 3.62% and a positive return on equity of 11.18%. The firm had revenue of $7.99 million for the quarter, compared to the consensus estimate of $7.00 million. On average, research analysts expect 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. Stockholders of record on Monday, June 22nd were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, June 22nd. Zedge’s dividend payout ratio (DPR) is presently -11.94%.

Hedge Funds Weigh In On Zedge

Several hedge funds have recently bought and sold shares of ZDGE. HRT Financial LP purchased a new stake in Zedge during the fourth quarter worth $158,000. Goldman Sachs Group Inc. raised 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 worth $138,000 after buying an additional 11,022 shares during the last quarter. Citadel Advisors LLC raised its stake in shares of Zedge by 304.7% during the 3rd quarter. Citadel Advisors LLC now owns 49,520 shares of the company’s stock worth $144,000 after buying an additional 37,285 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Zedge in the 3rd quarter worth about $87,000. Finally, NewEdge Advisors LLC acquired a new stake in Zedge in the 2nd quarter valued at about $191,000. 29.37% of the stock is 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.