Zedge (NYSEAMERICAN:ZDGE) Shares Cross Below 50-Day Moving Average – Here’s Why

Zedge, Inc. (NYSEAMERICAN:ZDGE)’s share price passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $3.31 and traded as low as $3.02. Zedge shares last traded at $3.09, with a volume of 41,495 shares.

Analysts Set New Price Targets

Separately, UBS Group set a $6.00 price objective on shares of Zedge in a research report on Monday, December 15th.

Zedge Trading Down 3.7%

The company’s 50-day moving average is $3.31 and its two-hundred day moving average is $3.10. The stock has a market capitalization of $38.56 million, a P/E ratio of -34.33 and a beta of 1.41.

Zedge Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 10th. Investors of record on Friday, January 30th were given a $0.016 dividend. This represents a $0.06 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, January 30th. Zedge’s dividend payout ratio (DPR) is currently -8.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Bailard Inc. bought a new stake in shares of Zedge during the second quarter valued at about $47,000. Heron Bay Capital Management raised its position in shares of Zedge by 285.0% during the 2nd quarter. Heron Bay Capital Management now owns 87,976 shares of the company’s stock worth $353,000 after buying an additional 65,127 shares in the last quarter. Corsair Capital Management L.P. bought a new stake in shares of Zedge during the 2nd quarter worth about $128,000. Marshall Wace LLP acquired a new stake in shares of Zedge in the 2nd quarter worth approximately $331,000. Finally, NewEdge Advisors LLC bought a new position in shares of Zedge in the second quarter valued at approximately $191,000. 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.