Zedge (NYSEAMERICAN:ZDGE) Shares Cross Below 50-Day Moving Average – Here’s Why

Zedge, Inc. (NYSEAMERICAN:ZDGE)’s stock price passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $3.31 and traded as low as $3.02. Zedge shares last traded at $3.09, with a volume of 41,495 shares.

Analyst Upgrades and Downgrades

Separately, UBS Group set a $6.00 price target on Zedge in a research note on Monday, December 15th.

Zedge Trading Down 3.7%

The firm has a market capitalization of $38.56 million, a P/E ratio of -34.33 and a beta of 1.41. The business’s fifty day moving average is $3.31 and its 200 day moving average is $3.10.

Zedge Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 10th. Stockholders of record on Friday, January 30th were given a dividend of $0.016 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, January 30th. Zedge’s dividend payout ratio is -8.96%.

Institutional Investors Weigh In On Zedge

A number of institutional investors and hedge funds have recently modified their holdings of ZDGE. Raymond James Financial Inc. purchased a new stake in shares of Zedge during the second quarter valued at $40,000. Goldman Sachs Group Inc. lifted its stake in Zedge by 35.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 42,029 shares of the company’s stock valued at $138,000 after buying an additional 11,022 shares in the last quarter. Bailard Inc. purchased a new stake in Zedge during the second quarter valued at about $47,000. Squarepoint Ops LLC acquired a new position in shares of Zedge in the third quarter worth about $37,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Zedge in the third quarter worth approximately $87,000. 29.37% of the stock is owned by institutional investors and hedge funds.

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.