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

Zedge, Inc. (NYSEAMERICAN:ZDGE) shares passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $3.05 and traded as low as $2.84. Zedge shares last traded at $2.86, with a volume of 93,118 shares changing hands.

Analyst Ratings Changes

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

Zedge Price Performance

The company has a fifty day simple moving average of $3.05 and a two-hundred day simple moving average of $3.06. The company has a market capitalization of $35.86 million, a P/E ratio of -31.77 and a beta of 1.22.

Zedge (NYSEAMERICAN:ZDGE) last released its quarterly earnings results on Thursday, June 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.02. The company 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%. Equities analysts anticipate that Zedge, Inc. will post 0.31 earnings per share for the current year.

Zedge Dividend Announcement

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

Hedge Funds Weigh In On Zedge

Several large investors have recently made changes to their positions in the business. Squarepoint Ops LLC bought a new stake in Zedge during the 3rd quarter valued at approximately $37,000. Raymond James Financial Inc. bought a new position in Zedge in the 2nd quarter worth approximately $40,000. Arrowstreet Capital Limited Partnership bought a new position in Zedge in the 3rd quarter worth approximately $87,000. Goldman Sachs Group Inc. lifted its holdings in shares of 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 buying an additional 11,022 shares during the last quarter. Finally, Citadel Advisors LLC lifted 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 during the last quarter. Institutional investors and hedge funds 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.