The stock of Zynga Inc. (NASDAQ:ZNGA) is now priced at $9.22 and the shares are -0.09 points down or -0.97% lower compared to its previous closing price of $9.31. The stock had 13.15 million contracts set over the past session. ZNGA shares’ daily volume is compared to its average trading volume at 22.472 million shares. However, it has a float of 1000 million and although its performance was -1.5% over the week, it’s one to watch. Analysts have given the ZNGA stock a yearly average price target of $11.61 per share. It means the stock’s upside potential is 25.92% with the ZNGA share price recently placing at $9.14 to $9.41. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are climbing into the Zynga Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ZNGA shares have risen. Short interest in the stock represents just 5.21% of its float, but the volume has raised by 2100913. The volume of shorted shares rised to 52.28 million from 50.179 million shares over the last two weeks. The average intraday trading volume has been 13.011 million shares, which means that days to cover moved to roughly 4.018029.
In the last trading session, Zynga Inc. (NASDAQ:ZNGA) dropped by -$0.14 over the week and lost -$0.5 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10.69. The stock recorded its established 52-week high on 08/06/20.
Since 08/26/19, the stock has traded to a low of $5.53 at 66.73%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.34. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Zynga Inc.’s two-week RSI is 42.48. This suggests that the stock is neutral at the moment and that ZNGA shares’ price movement remains stable. The stochastic readings are equally revealing at 30.81% meaning the ZNGA share price is currently in neutral territory.
The technical chart shows that the ZNGA stock will likely settle at between $9.37 and $9.53 per share. However, if the stock dips below $9.1, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.99.
Currently, the stock is trading in the green of MACD, with a reading of 0.01. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Berenberg cut their recommendation for ZNGA from Buy to Hold in August 11 review while maintai their target price of $10.5. Barclays analysts upgraded their recommendation of the stock from Equal Weight to Overweight while keeping its target price at $12 in a flash note released to investors on June 09. BofA/Merrill seeing the stock struggling downgraded it from Neutral to Underperform on April 22 placing it at $7.5.
The average rating for the ZNGA equity is 2 and is currently gathering a bullish momentum. Of 20 analysts tracking Zynga Inc. polled by Reuters, 3 rated ZNGA as a hold. The remaining 17 analysts were split evenly. However, the split wasn’t equal as a majority (15) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the ZNGA stock price is 21.54X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 82.4. Zynga Inc. has its P/E ratio at 5.7, which means that the stock is currently trading at a discount relative to the 8.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Zynga Inc. (NASDAQ:ZNGA) will decrease by about -99.86%, which will see them reach $626 million. The company’s full-year revenues are, however, expected to increase by about 42.31%, up from $1560 million to $2220 million. ZNGA’s expected adjusted earnings should surge almost 80% to end up at $0.09 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 34.62% to record $0.35/share.