Zedge (NYSEAMERICAN:ZDGE) Trading 7.9% Higher – Should You Buy?

Zedge, Inc. (NYSEAMERICAN:ZDGE) was up 7.9% during trading on Friday . The company traded as high as $3.36 and last traded at $3.28. Approximately 320,835 shares changed hands during trading, a decline of 88% from the average daily volume of 2,716,339 shares. The stock had previously closed at $3.04.

Analyst Ratings Changes

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

Zedge Stock Performance

The company’s 50 day moving average price is $2.77 and its 200-day moving average price is $3.22. The company has a market cap of $40.93 million, a price-to-earnings ratio of -36.44 and a beta of 1.52.

Zedge Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Friday, October 24th were issued a $0.016 dividend. The ex-dividend date of this dividend was Friday, October 24th. This represents a $0.06 annualized dividend and a dividend yield of 2.0%. Zedge’s dividend payout ratio is currently -8.96%.

Institutional Investors Weigh In On Zedge

Several large investors have recently modified their holdings of the stock. Heron Bay Capital Management boosted 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 period. Ridgewood Investments LLC purchased a new stake in Zedge during the second quarter valued at about $322,000. Corsair Capital Management L.P. purchased a new stake in Zedge during the second quarter valued at about $128,000. Bailard Inc. acquired a new position in shares of Zedge in the second quarter worth about $47,000. Finally, Citadel Advisors LLC increased its position in shares of Zedge by 304.7% in the third quarter. Citadel Advisors LLC now owns 49,520 shares of the company’s stock worth $144,000 after acquiring an additional 37,285 shares in the last quarter. 29.37% of the stock is owned by 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.