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

Zedge, Inc. (NYSEAMERICAN:ZDGE)’s stock price crossed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $3.05 and traded as low as $2.84. Zedge shares last traded at $2.86, with a volume of 93,118 shares traded.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded Zedge to a “hold” rating in a research note on Monday, June 15th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, Zedge presently has a consensus rating of “Hold” and a consensus target price of $6.00.

Zedge Stock Performance

The company has a market cap of $36.49 million, a P/E ratio of -32.33 and a beta of 1.22. The stock has a 50 day moving average price of $3.02 and a 200 day moving average price of $3.06.

Zedge (NYSEAMERICAN:ZDGE) last announced its quarterly earnings data on Thursday, June 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.02. The company had revenue of $7.99 million for the quarter, compared to analysts’ expectations of $7.00 million. Zedge had a negative net margin of 3.62% and a positive return on equity of 11.18%. As a group, equities research analysts predict that Zedge, Inc. will post 0.31 earnings per share for the current year.

Zedge Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, June 22nd. Zedge’s dividend payout ratio is -11.94%.

Institutional Investors Weigh In On Zedge

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in shares of Zedge in the 2nd quarter valued at approximately $40,000. Goldman Sachs Group Inc. grew its position in Zedge by 35.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 42,029 shares of the company’s stock worth $138,000 after buying an additional 11,022 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Zedge during the third quarter valued at approximately $37,000. Bailard Inc. raised its stake in shares of Zedge by 51.1% in the 4th quarter. Bailard Inc. now owns 60,100 shares of the company’s stock valued at $197,000 after buying an additional 20,337 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Zedge during the third quarter worth about $87,000. 29.37% of the stock is owned by hedge funds and other 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.