Zedge (NYSEAMERICAN:ZDGE) Share Price Crosses Below 50-Day Moving Average – Here’s What Happened

Zedge, Inc. (NYSEAMERICAN:ZDGE)’s share price passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $3.38 and traded as low as $3.06. Zedge shares last traded at $3.29, with a volume of 35,010 shares traded.

Analyst Upgrades and Downgrades

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

Zedge Trading Up 3.1%

The firm has a market cap of $41.06 million, a price-to-earnings ratio of -36.56 and a beta of 1.41. The stock’s fifty day moving average price is $3.38 and its 200-day moving average price is $3.08.

Zedge Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 10th. Stockholders of record on Friday, January 30th were paid a $0.016 dividend. This represents a $0.06 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, January 30th. Zedge’s dividend payout ratio is -8.96%.

Institutional Investors Weigh In On Zedge

Institutional investors and hedge funds have recently made changes to their positions in the stock. Heron Bay Capital Management lifted its holdings 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 worth $353,000 after acquiring an additional 65,127 shares during the last quarter. Corsair Capital Management L.P. purchased a new stake in Zedge in the second quarter valued at approximately $128,000. Goldman Sachs Group Inc. lifted its stake 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 purchasing an additional 11,022 shares in the last quarter. Bailard Inc. acquired a new position in Zedge during the second quarter worth $47,000. Finally, Marshall Wace LLP purchased a new position in shares of Zedge during the second quarter worth $331,000. 29.37% of the stock is owned by hedge funds and other institutional investors.

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.