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Pompano Beach, FL -- (SBWIRE) -- 02/05/2013 -- Social gaming firm, and close associate of Facebook Inc., Zynga Inc. (NASDAQ:ZNGA) witnessed increase in its stock as it climbed up almost 6% to $2.70 on Tuesday morning following Bank of America/Merrill Lynch lifted rating of the stock to a buy rating.
The ratings upgrade arrives just before the social game manufacturer’s fourth-quarter financial figures, due following the session end.
Is ZNGA a Solid Investment at These Levels? Read This Report For Details
In his report to clients, expert Justin Post referred to asset value and mobile stabilization as the driving force behind his action, mentioning that the firm has almost $2.20 a share in cash and assets.
He also stated that enhancing faring over the past two months on other social networking stocks including largest social networking platform Facebook, Groupon and Angie's List suggest investors’ risk tolerance with creating business models has hiked.
On Tuesday session, shares of beleaguered social networking site Zynga Inc. (ZNGA) were trading at 6% with overall volume traded so far of 17.22 million shares.
At the current trading session, Zynga Inc (NASDAQ:ZNGA) shares gained +4.59% to $2.68 while The Stock traded within the range of $2.67 – $2.80. In the past year, the stock has traded within a range of $2.09 – $15.91. The current session’s volume of 20.00 million shares is down from the average daily trading volume of 18.26 million shares.
Why Should Investors Buy ZNGA After The Recent Gain? Just Go Here and Find Out
While If we look at the few other stocks within industry, Renren Inc, IAC/InterActiveCorp and ValueClick Inc are remain in top volume leaders. Let’s have a quick look on their Market performance.
Renren Inc (NYSE:RENN) shares are up +0.95% to $3.20 while the stock is traded within the range of $3.15 – $3.25 in the current trading session. In the last 12 months the shares have traded between $3.00 and $7.87. The current session’s volume of 539,436 shares is lower than their average daily trading volume of 1.75 million shares.
Will RENN Continue To Move Higher? Find Out Here
IAC/InterActiveCorp (NASDAQ:IACI) shares in the current session moved up +2.60% reaching at $42.23. The stock traded in a range of $41.36 – $42.42. In the last year the stock has moved within a range of $38.20 – $55.57. The current session’s volume of 560,716 shares is higher from their average daily trading volume of 1.43 million shares.
For How Long IACI’s Gloss will Attract Investors? Find out via this report
Another rival company ValueClick Inc (NASDAQ:VCLK) trading up +0.76% to $19.98. Intraday trading recorded the stock price in a range of $19.71 to $20.11. In the previous 52 weeks the stock’s price ranged between $13.80 and $21.86. The current session’s volume of 158,697 shares was lower from their average daily trading volume of 727,837 shares.
What was the Moving Force behind VCLK On Bullish Run? Read This Research Report
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