ZNGA fell a marginal 0.5% last month
Zynga (ZNGA) stock fell 0.5% to close at $3.62 last month. The stock is currently trading 21% below its 52-week high of $4.57. The stock was last trading at these levels in April. Zynga stock has now fallen 10% since the start of the fourth quarter and 9.5% in 2018.
Zynga stock rose an impressive 55% in 2017. The stock is down despite the company beating earnings estimates for the last four consecutive quarters. Earlier this year, Zynga acquired game development company Gram Games for $250 million.
According to a Motley Fool report, in August, Zynga announced a deal to create a free mobile game associated with the Star Wars franchise in partnership with the Walt Disney Company (DIS). The deal is expected to drive strong sales for the company.
Zynga is a top gaming publisher on Facebook (FB). However, its move toward mobile gaming application downloads has affected its turnaround efforts.
Of the 15 analysts tracking Zynga, seven have recommended “buys,” seven have recommended “holds,” and one has recommended a “sell” on its stock. The average stock price target for Zynga is $4.69, indicating a potential upside of 30% from its current price.