Zedge (NYSEAMERICAN:ZDGE) Shares Down 5.2% - Should You Sell?

Key Points

• Zedge (NYSEAMERICAN:ZDGE) shares fell by 5.2%, with the stock trading as low as $3.65 on a day when trading volume dropped by 26% from the average.
• Director Mark Ghermezian sold 46,683 shares at an average price of $4.06, significantly reducing his ownership in the company by 64.43%.
• Institutional investors own 29.37% of Zedge, with several firms acquiring new stakes valued at a total of approximately $593,000 in recent quarters.

Zedge, Inc. (NYSEAMERICAN:ZDGE - ) shares were down 5.2% on Monday . The stock traded as low as $3.65 and last traded at $3.65. Approximately 68,431 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 93,100 shares. The stock had previously closed at $3.85.

Zedge Price Performance

The firm has a 50-day moving average of $3.65. The company has a market capitalization of $48.69 million, a price-to-earnings ratio of -28.08 and a beta of 1.04.

Insider Buying and Selling at Zedge

In other news, Director Mark Ghermezian sold 46,683 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $4.06, for a total value of $189,532.98. Following the completion of the sale, the director owned 25,767 shares of the company's stock, valued at $104,614.02. This represents a 64.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Ridgewood Investments LLC acquired a new stake in Zedge in the second quarter valued at $322,000. Thompson Davis & CO. Inc. acquired a new stake in shares of Zedge in the 1st quarter valued at about $84,000. Squarepoint Ops LLC acquired a new stake in shares of Zedge in the 4th quarter valued at about $71,000. Jane Street Group LLC bought a new position in shares of Zedge during the fourth quarter worth about $53,000. Finally, XTX Topco Ltd acquired a new position in Zedge in the fourth quarter worth about $40,000. 29.37% of the stock is owned by institutional investors and hedge funds.

Zedge Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.