Zynga Inc (NASDAQ:ZNGA) shares are seeing a drop in short interest during the month of July. The short interest as on July 15th dropped 47,219,300 shares, a decline of 6.1% from June 30th. On the basis of average trading volume of 13,432,259 shares, the days-to-cover ratio is presently 3.5 days.
Other recent developments
In July, there was large-option trading exercised on the stock as investors purchased a total of 13,561 put options on the company, which is a rise of 406% compared to the typical volume of 2,680 put options.
In separate news, CEO Donald Mattrick sold 2,145,315 shares of Class A Common Stock in the open market transaction, a few weeks back, at an average weighted price of $3.02 per share. After dropping some stock holdings, Mattrick now owns 1,901,113 shares worth approximately $5,741,361, according to a filing with the SEC.
Stone House Capital Partners returned 4.1% for September, bringing its year-to-date return to 72% net. The S&P 500 is up 14.3% for the first nine months of the year. Q3 2021 hedge fund letters, conferences and more Stone House follows a value-based, long-long term and concentrated investment approach focusing on companies rather than the market Read More
Hedge Funds have also been active on Zynga stock this quarter with Andreas Halvorsen’s Viking Global, acquiring 28.4 million shares, with a value of $122.3 million. David Stemerman lead Hedge fund purchased 18.3 million shares, worth $78.7 million, totalling to 3.48% of the hedge fund portfolio.
Zynga expected to post in-line 2Q
Zynga has been subjected to a number of analyst ratings in recent months. Piper Jaffray analysts reduced the price target on the shares from $5.00 to $4.50, in a research note to the investors on Thursday, May 22nd. Benchmark Co analyst increased their price target on the shares from $3.46 to $3.52, in a research note on Thursday, April 24th. Barclay’s analysts raised their price target from $4.50 to $5.00 in a research note on Thursday, April 24th and assigned Equal Weight rating to the stock. Zynga has an average rating of Hold and an average price target of $4.53.
The social gaming company is set to post its second-quarter results on Thursday, August 7, 2014 after the market close. Michael Oslon of Piper Jaffray is estimating that the company will post the results in-line to the expectations. The analyst is projecting the revenue to be $190.96 million for the June quarter.
According to the analyst, the most played titles of Zynga are in the top 200 category. Ranking wise, also, the company has gained in the-second quarter, which brings good news for the company. FarmVille 2 will be a significant contributor to the second-quarter result, believe Oslon.