Zynga Inc (NASDAQ:ZNGA). Is Among The Closely Watched Stocks Today As Most Of The Shareholders Are Counting On The Launched Dawn Of Titan.
Zynga Inc. stocks sharply dropped -2.66% to $2.93, with the share price of the stock rallying to 11.41% for the year.
Shareholders covering Zynga Inc. are counting on Dawn of Titans’ character Arvan and other ferocious ones, to recover from years of losses and help lift the video-game designer to get back in line again.
The company aimed at establishing a modernized generation of mobile titles that can run on games designed for Sony Corp’s (T:6758) PlayStation and Microsoft (NASDAQ:MSFT) Inc.’s Xbox consoles.
“If Dawn of Titans proves to be a hit, Zynga stock will likely go higher and it will validate their new strategy,” said Michael Olson, an analyst with Piper Jaffray Cos. in Minneapolis who is neutral on the stock.
“This is a game that, as they continue to reduce the number of titles, has increasing importance.”
Dawn of Titans was finally launched on Thursday after more than two years in the making, in which Apple (NASDAQ:AAPL) and Android-based phones and tablets can download it for free.
Analysts’ Expectations on Zynga Inc.
The video game providers’ stock price stood with losses of -2.66% at the close and finished at the price of $2.93. The stock traded reached a total volume of about 14.95 million shares during the last trading session, with an average volume of 11.86 million shares. Amid the recent 3-month period, the average numbers of shares changed hands in a security per day, with a relative volume of the stock hitting at 1.26.
Zynga Inc.’s latest closing price distance settled at 10.86% from the average-price of 200 days, while it remained steady at a distance from the 50-day moving average of 2.44 and 2.25% compared with the 20-day moving average.
USA based company’s Dawn of Titans on iOS and Android was developed by Zynga’s U.K.-based studio, NaturalMotion, in which users are allowed to build a kingdom and create an army that will be led by large Titans.
Meanwhile, numbers of analysts had issued their ratings on the stock, in which 4 analysts gave a Buy rating, 3 gave an Underperform rating, and 8 affirmed a Hold rating on the stock. However, some analysts gave a consensus recommendation of Hold rating on the stock, and a mean rating of 2.62 on a scale of 1-5. Evidently, the analysts’ mean target price stood at $3.21, while their mean recommendation hit 2.80.
Current Stance of Zynga Stock
The chart below illustrates Zynga Inc. stock’s movement amid the launching of its popular Dawn of Titans.Given a bearish tone on the stock, it is shown here that the stock is likely moving downward below resistance 2.90 in a light trading volume. Thus, the stock is currently prone to a downside bias after seeing five straight drops in earlier sessions.
Conclusion
As shares of Zynga Inc. are currently in a bearish tone, market participants are recommended to wait on the sidelines as there aren’t any supporting candles present as of today’s session.