Zynga...Zynga...PinkAss! LoL baZYNGA...how low will you go Huh!?
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• Zynga continued to tumble and slump 7.87% to US$6.09 after hitting a new low of US$5.98 earlier in the session. More than 48.20 million shares exchanged hands, more than double its average volume of 22.63 million shares.
• Shares of the company have been showing heavy selling pressure ever since Facebook, Inc. (FB) made debut on the stock market on May 18, 2012. Zynga generated majority of its revenue from the world's largest social networking platform. Shares of Zynga have tumbled about 27% over the past one week, while shares of Facebook have fallen 25%. The company made debut in mid-December, 2011 at an IPO price of US$10. The stock quickly moved up to US$15.91, its new high, by early March, 2012. However, the rally was short lived and the stock started to see selling pressure. Late April, the company posted third quarter loss due to stock-compensation expenses.
• The company reported loss of US$85.4 million, or 12 cents a share, reversing a year ago profit of US$16.8 million. On an adjusted basis, the company would have earned 6 cents a share. Revenue during the quarter jumped 32% to US$321 million, from US$243 million a year ago. Insiderslab.com found Ko David Y, Chief Mobile Officer, sold about 18,523 shares on May 22 at price US$7.12. To increase investment return, Insiderslab.com refers insider trading data to professional investors as it believes that company insiders like Executive Officers and Directors have a better understanding about the company's prospects.
Zynga must see a better day soon, Hang in there.
Best of lucks to All!
Get REAL! Make that MONEY.
