Zedge (NYSEAMERICAN:ZDGE) Shares Break Above 50 Day Moving Average – Time to Sell?

Zedge, Inc. (NYSEAMERICAN:ZDGE) shares passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $2.81 and traded as high as $3.75. Zedge shares last traded at $2.88, with a volume of 5,794,287 shares trading hands.

Analyst Ratings Changes

Separately, Zacks Research downgraded Zedge from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat, the stock has an average rating of “Sell” and an average target price of $6.00.

Zedge Price Performance

The company’s 50-day moving average price is $2.81 and its two-hundred day moving average price is $3.00. The company has a market capitalization of $42.30 million, a P/E ratio of -140.93 and a beta of 1.32.

Zedge (NYSEAMERICAN:ZDGE) last announced its earnings results on Monday, October 26th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. Zedge had a negative net margin of 0.41% and a positive return on equity of 13.19%. The business had revenue of $7.77 million during the quarter, compared to the consensus estimate of $7.20 million. On average, analysts anticipate that Zedge, Inc. will post 0.12 earnings per share for the current fiscal year.

Zedge Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Monday, November 9th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, November 9th. Zedge’s payout ratio is currently -11.94%.

Hedge Funds Weigh In On Zedge

Several institutional investors and hedge funds have recently made changes to their positions in ZDGE. Kahn Brothers Group Inc. bought a new stake in Zedge in the 2nd quarter valued at $242,000. NewEdge Advisors LLC grew its holdings in Zedge by 2,923.0% in the 1st quarter. NewEdge Advisors LLC now owns 58,918 shares of the company’s stock valued at $173,000 after buying an additional 56,969 shares in the last quarter. Finally, Hillsdale Investment Management Inc. increased its position in Zedge by 1,982.8% during the 1st quarter. Hillsdale Investment Management Inc. now owns 50,653 shares of the company’s stock worth $148,000 after buying an additional 48,221 shares during the period. Institutional investors and hedge funds own 29.37% of the company’s stock.

Zedge Company Profile

Zedge, Inc. (NYSE American: ZDGE) operates a mobile-first digital content platform that enables users to discover, customize and share content for smartphones and other personal devices. Its principal consumer product is the Zedge app, which offers wallpapers, video wallpapers, ringtones, notification sounds, stickers and other personalization content. The company provides both free and premium content, with offerings from independent creators as well as technology-assisted and user-generated content.