Zedge (NYSEAMERICAN:ZDGE) Stock Passes Below 50-Day Moving Average – Here’s What Happened

Zedge, Inc. (NYSEAMERICAN:ZDGE)’s share price crossed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $3.21 and traded as low as $2.96. Zedge shares last traded at $3.09, with a volume of 16,399 shares traded.

Analysts Set New Price Targets

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

Zedge Stock Up 4.7%

The firm has a 50-day moving average price of $3.21 and a 200 day moving average price of $3.16. The firm has a market capitalization of $38.56 million, a PE ratio of -34.33 and a beta of 1.41.

Zedge Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 10th. Shareholders of record on Friday, January 30th will be issued a dividend of $0.016 per share. The ex-dividend date is Friday, January 30th. This represents a $0.06 annualized dividend and a yield of 2.1%. Zedge’s dividend payout ratio is -8.96%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Heron Bay Capital Management increased its position in shares of Zedge by 285.0% in the 2nd quarter. Heron Bay Capital Management now owns 87,976 shares of the company’s stock valued at $353,000 after purchasing an additional 65,127 shares during the last quarter. Marshall Wace LLP purchased a new position in Zedge in the second quarter valued at $331,000. Bailard Inc. raised its stake in Zedge by 51.1% in the fourth 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. Citadel Advisors LLC lifted its holdings in Zedge by 304.7% during the 3rd quarter. Citadel Advisors LLC now owns 49,520 shares of the company’s stock worth $144,000 after buying an additional 37,285 shares during the last quarter. Finally, NewEdge Advisors LLC acquired a new position in shares of Zedge during the 2nd quarter worth about $191,000. Hedge funds and other institutional investors 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.