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

Zedge, Inc. (NYSEAMERICAN:ZDGE) crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $3.08 and traded as low as $2.94. Zedge shares last traded at $2.98, with a volume of 92,075 shares changing hands.

Analyst Upgrades and Downgrades

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

Zedge Price Performance

The firm has a market capitalization of $37.24 million, a PE ratio of -33.00 and a beta of 1.22. The company’s fifty day simple moving average is $3.09 and its 200 day simple moving average is $3.09.

Zedge (NYSEAMERICAN:ZDGE) last issued its earnings results on Thursday, June 11th. The company reported $0.07 earnings per share for the quarter, topping 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 firm had revenue of $7.99 million during the quarter, compared to analyst estimates of $7.00 million. On average, analysts anticipate that Zedge, Inc. will post 0.31 earnings per share for the current fiscal year.

Zedge Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were issued a $0.02 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $0.08 annualized dividend and a yield of 2.7%. Zedge’s dividend payout ratio (DPR) is -11.94%.

Hedge Funds Weigh In On Zedge

A number of large investors have recently made changes to their positions in the stock. Squarepoint Ops LLC purchased a new position in shares of Zedge in the third quarter valued at $37,000. Raymond James Financial Inc. bought a new position in Zedge in the 2nd quarter worth about $40,000. Arrowstreet Capital Limited Partnership bought a new position in Zedge in the 3rd quarter worth about $87,000. Goldman Sachs Group Inc. grew its holdings in Zedge by 35.5% during the 4th 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. Finally, Citadel Advisors LLC grew its holdings in Zedge by 304.7% during the 3rd quarter. Citadel Advisors LLC now owns 49,520 shares of the company’s stock valued at $144,000 after buying an additional 37,285 shares in the last quarter. 29.37% of the stock is owned by institutional investors.

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.