Zynga Stock Price Down 6.2% on Disappointing Earnings (ZNGA)
Shares of Zynga (NASDAQ:ZNGA) traded down 6.2% on Friday after the company announced weaker than expected quarterly earnings, AnalystRatings.NET reports. The company traded as low as $2.70 and last traded at $2.74, with a volume of 54,629,627 shares traded. The stock had previously closed at $2.92.
The company reported ($0.07) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.03) by $0.04. The company had revenue of $153.00 million for the quarter, compared to the consensus estimate of $191.21 million. During the same quarter last year, the company posted ($0.01) earnings per share. Zynga’s revenue was down 33.7% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Zynga from a “neutral” rating to an “outperform” rating in a research note on Friday. They now have a $3.10 price target on the stock. Separately, analysts at Goldman Sachs cut their price target on shares of Zynga to $3.00 in a research note on Friday. Finally, analysts at Credit Suisse reiterated an “outperform” rating on shares of Zynga in a research note on Friday. They now have a $6.00 price target on the stock, down previously from $7.00. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $4.32.
The stock has a 50-day moving average of $3.05 and a 200-day moving average of $3.90. The company’s market cap is $2.521 billion. Zynga also was the target of unusually large options trading on Thursday. Stock investors purchased 72,569 call options on the company. This is an increase of 596% compared to the average daily volume of 10,423 call options.
Zynga Inc (NASDAQ:ZNGA) is the provider of social game services.
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