Zedge (NYSEAMERICAN:ZDGE) Shares Cross Below Fifty Day Moving Average – Here’s What Happened

Zedge, Inc. (NYSEAMERICAN:ZDGE) crossed below its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $2.98 and traded as low as $2.90. Zedge shares last traded at $2.99, with a volume of 70,390 shares.

Analyst Ratings Changes

Separately, Zacks Research upgraded 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, According to data from MarketBeat.com, Zedge presently has an average rating of “Hold” and a consensus target price of $6.00.

Zedge Stock Performance

The stock has a market cap of $37.62 million, a P/E ratio of -33.33 and a beta of 1.20. The firm has a 50 day moving average of $2.98 and a two-hundred day moving average of $3.03.

Hedge Funds Weigh In On Zedge

Several large investors have recently bought and sold shares of the stock. Kahn Brothers Group Inc. bought a new position in shares of Zedge during the 2nd quarter worth about $242,000. NewEdge Advisors LLC grew its position in Zedge by 2,923.0% during the first quarter. NewEdge Advisors LLC now owns 58,918 shares of the company’s stock worth $173,000 after buying an additional 56,969 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in Zedge by 1,982.8% during the first quarter. Hillsdale Investment Management Inc. now owns 50,653 shares of the company’s stock worth $148,000 after buying an additional 48,221 shares in the last quarter. 29.37% of the stock is currently owned by institutional investors and hedge funds.

Zedge Company Profile

Zedge, Inc operates a digital content marketplace and mobile personalization platform. Its flagship Zedge application allows users to discover, download, and customize smartphone content, including wallpapers, live wallpapers, ringtones, notification sounds, and other visual and audio media.

The company also offers Zedge Premium, a marketplace that enables artists and content creators to sell or distribute premium digital artwork and personalization products. Zedge’s services are primarily delivered through mobile applications and online platforms, connecting creators with users in markets around the world.

Zedge was established in the 2000s and has expanded from a ringtone and wallpaper-sharing service into a broader digital-content platform.