Short Interest in Zedge, Inc. (NYSEAMERICAN:ZDGE) Drops By 18.6%

Zedge, Inc. (NYSEAMERICAN:ZDGEGet Rating) saw a significant drop in short interest in the month of April. As of April 30th, there was short interest totalling 191,300 shares, a drop of 18.6% from the April 15th total of 234,900 shares. Currently, 1.6% of the shares of the stock are sold short. Based on an average trading volume of 106,200 shares, the days-to-cover ratio is presently 1.8 days.

Shares of Zedge stock traded up $0.29 during trading on Tuesday, reaching $5.03. The company’s stock had a trading volume of 64,274 shares, compared to its average volume of 105,691. Zedge has a 52-week low of $4.05 and a 52-week high of $19.90. The stock has a market capitalization of $69.79 million, a price-to-earnings ratio of 8.35 and a beta of 1.01.

Zedge (NYSEAMERICAN:ZDGEGet Rating) last posted its quarterly earnings results on Tuesday, March 15th. The company reported $0.16 earnings per share for the quarter. Zedge had a net margin of 37.67% and a return on equity of 26.15%. The business had revenue of $6.92 million during the quarter.

In other news, Director Mark Ghermezian acquired 4,355 shares of the business’s stock in a transaction dated Monday, April 18th. The stock was bought at an average cost of $5.81 per share, for a total transaction of $25,302.55. Following the completion of the transaction, the director now owns 28,253 shares of the company’s stock, valued at $164,149.93. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought 7,060 shares of company stock valued at $38,927 over the last 90 days. 22.00% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its position in Zedge by 2.4% during the 1st quarter. Renaissance Technologies LLC now owns 686,114 shares of the company’s stock valued at $4,178,000 after buying an additional 15,800 shares during the period. Vanguard Group Inc. grew its stake in shares of Zedge by 15.9% in the first quarter. Vanguard Group Inc. now owns 595,239 shares of the company’s stock worth $3,625,000 after purchasing an additional 81,531 shares during the last quarter. Old West Investment Management LLC grew its stake in shares of Zedge by 8.6% in the first quarter. Old West Investment Management LLC now owns 494,533 shares of the company’s stock worth $3,011,000 after purchasing an additional 39,175 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Zedge by 7.9% in the fourth quarter. Acadian Asset Management LLC now owns 312,770 shares of the company’s stock worth $2,657,000 after purchasing an additional 22,803 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Zedge by 10.2% in the fourth quarter. Geode Capital Management LLC now owns 133,969 shares of the company’s stock worth $1,138,000 after purchasing an additional 12,428 shares during the last quarter. Institutional investors own 24.02% of the company’s stock.

Separately, Maxim Group started coverage on Zedge in a research note on Thursday, April 14th. They set a “buy” rating and a $16.00 price target for the company.

About Zedge (Get Rating)

Zedge, Inc operates a digital publishing and content platform worldwide. Its platform enables consumers to personalize their mobile devices with ringtones, home screen app icons, wallpapers, widgets, and notification sounds. The company was incorporated in 2008 and is based in New York, New York.

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