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

Zedge, Inc. (NYSEAMERICAN:ZDGE)’s share price crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $3.05 and traded as low as $2.60. Zedge shares last traded at $2.75, with a volume of 90,043 shares traded.

Zedge Price Performance

The stock has a market cap of $34.07 million, a price-to-earnings ratio of -16.06 and a beta of 1.51. The business’s 50 day moving average is $3.05 and its 200 day moving average is $3.20.

Zedge Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Friday, October 24th were issued a dividend of $0.016 per share. The ex-dividend date of this dividend was Friday, October 24th. This represents a $0.06 dividend on an annualized basis and a yield of 2.3%. Zedge’s dividend payout ratio (DPR) is presently -8.96%.

Hedge Funds Weigh In On Zedge

Institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. acquired a new position in shares of Zedge in the second quarter valued at approximately $40,000. Bailard Inc. acquired a new position in Zedge in the 2nd quarter valued at $47,000. Thompson Davis & CO. Inc. acquired a new stake in shares of Zedge in the 1st quarter worth $84,000. Corsair Capital Management L.P. purchased a new stake in shares of Zedge in the second quarter valued at about $128,000. Finally, Welch Group LLC increased its stake in shares of Zedge by 274.9% during the third quarter. Welch Group LLC now owns 45,671 shares of the company’s stock worth $133,000 after acquiring an additional 33,488 shares during the period. 29.37% of the stock is owned by institutional investors and hedge funds.

About Zedge

Zedge, Inc builds digital marketplaces and competitive games around content that people use to express themselves. It offers the Zedge Ringtones and Wallpapers app, a freemium digital content marketplace that provides a wide array of mobile personalization content, including mobile phone wallpapers, video wallpapers, ringtones, and notification sounds.