Shares of Zynga Inc (NASDAQ:ZNGA) are on a bit of an intraday rollercoaster, as the stock opened the day by falling almost 2% before making up significant ground and now trading up well over 2% on the day. What is most intriguing here is the large volume we are seeing today. While most large companies are seeing volume much less than their 3-month averages due to Christmas and New Years, the volume of shares traded of Zynga Inc (NASDAQ:ZNGA) are up 35% over their normal daily numbers, still with over 2 hours to go in the trading day.
While some investors are wondering if there is some news coming from the company, others are just attributing the move to normal technical factors. Others are pointing to a potential launch of Zynga Inc.’s (NASDAQ:ZNGA) Dawn of Titans that could be sending this stock higher. The game was originally slated to realease this year but it was pushed back ot 2016. Whatever it is, the longs are certainly happy.
The stock is up 2.18% or $0.06 today, hitting $2.7 per share. About 10.16M shares traded hands or up 24.82% from the average. ZNGA has declined 7.69% since May 27, 2015 and is currently downtrending. It has underperformed the S&P500 by 5.57%.
From a total of 3 analysts covering Zynga (NASDAQ:ZNGA) stock, 1 rate it a “Buy”, 1 a “Sell”, and 1 a “Hold”. This means that 33% of the ratings are positive. The highest target price is $5.50 while the lowest target price is $2.70. The mean of all analyst targets is $3.37 which is 24.81% above today’s ($2.7) stock price. Zynga was the topic of 11 analyst reports since August 7, 2015 according to the firm StockzIntelligence Inc. Oppenheimer initiated shares on November 12 with a “Perform” rating. Bank of America maintained ZNGA stock in a recent report from August 10 with a “Underperform” rating. Finally, Morgan Stanley maintained the stock with a “Equal Weight” rating in a report they issued on an August 10.
The institutional sentiment decreased to 0.78 in Q2 2015. It’s down 0.46, from 1.24 in 2015Q2. The ratio worsened, as 38 funds sold all their Zynga Inc shares they owned while 63 reduced their positions. 19 funds bought stakes while 60 increased their total positions. Institutions now own 484.45 million shares which is 10.63% less than the previous share count of 542.09 million in 2015Q2.
Brightfield Capital Management Llc holds 5.67% of its total portfolio in Zynga Inc, equating to 775,000 shares. Clearline Capital Lp owns 12.64 million shares representing 4.86% of their total US portfolio. Moreover, Zenit Asset Management Ab has 3.58% of their total portfolio invested in the company, equating to 9.00 million shares. The New York-based Contour Asset Management Llc has a total of 3.2% of their portfolio invested in the stock. Destrier Capital Management Llc, a New York-based fund reported 4.59 million shares owned.
Since March 17, 2015, the stock had 0 buys, and 9 sales for a total of $405,588 in net activity. Lee David J. sold 51,595 shares worth $125,438. Shah Devang sold 43,846 shares worth $107,493. Siminoff Ellen F sold 10,000 shares worth $24,846.
Zynga Inc. is a provider of social game services. The company has a market cap of $2.47 billion. The Firm develops markets and operates social games as live services played on mobile platforms, such as iOS and Android, and social networking sites, such as Facebook. It currently has negative earnings. The Company’s games are also accessible on Zynga.com.