Zedge (NYSEAMERICAN:ZDGE) Share Price Passes Below Fifty Day Moving Average – Should You Sell?

Zedge, Inc. (NYSEAMERICAN:ZDGE) crossed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $3.09 and traded as low as $2.98. Zedge shares last traded at $2.98, with a volume of 24,740 shares.

Wall Street Analyst Weigh In

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

Zedge Stock Performance

The firm’s 50-day simple moving average is $3.09 and its 200-day simple moving average is $3.14. The company has a market capitalization of $37.37 million, a price-to-earnings ratio of -33.11 and a beta of 1.20.

Zedge (NYSEAMERICAN:ZDGE) last announced its quarterly earnings data on Thursday, June 11th. The company reported $0.07 EPS for the quarter, beating 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 business had revenue of $7.99 million during the quarter, compared to analyst estimates of $7.00 million. Equities research analysts forecast that Zedge, Inc. will post 0.31 earnings per share for the current year.

Zedge Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 2.7%. The ex-dividend date was Monday, June 22nd. Zedge’s payout ratio is currently -11.94%.

Hedge Funds Weigh In On Zedge

Several large investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC bought a new stake in shares of Zedge in the 3rd quarter worth approximately $37,000. Raymond James Financial Inc. bought a new stake in shares of Zedge during the second quarter valued at approximately $40,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Zedge during the third quarter valued at approximately $87,000. Goldman Sachs Group Inc. raised its stake in shares of Zedge by 35.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 42,029 shares of the company’s stock valued at $138,000 after purchasing an additional 11,022 shares in the last quarter. Finally, Citadel Advisors LLC raised its stake in shares of Zedge by 304.7% in the third quarter. Citadel Advisors LLC now owns 49,520 shares of the company’s stock valued at $144,000 after purchasing an additional 37,285 shares in the last quarter. Institutional investors and hedge funds own 29.37% of the company’s stock.

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.