Dallas, Texas 07/26/2013 (Financialstrend) – It had recently been announced that Zynga Inc (NASDAQ:ZNGA) would be abandoning the long running efforts of the company to enter into the markets of real money gaming business of the United States, while analysts and investors had for long been expecting that this would prove to be a boon for the stock which had been struggling for survival. This recent announcement had been made in line with the company’s recent loss of around 40% of its monthly active users for this quarter owing to intense competition from other major players in the market.
The new Chief Executive Officer of Zynga Inc. Don Mattrick had reported that it is essential for the company to get back to its basic at this time and thereby it is not possible to focus efforts on new product lines. He had further commented that the next two to four quarters of business operations would witness higher level of volatility as the company focuses to reset the business plan. In line with such announcements, the shares of Zynga Inc (NASDAQ:ZNGA) which had been gaining on Thursday had dropped by 14 percent in the aftermarket hours.
The stock of Zynga Inc (NASDAQ:ZNGA) gained by 6.71% on Thursday and thereby reported a closing price of $3.50 per share for the day. The company had reported an intraday low price of $3.38 and intraday high price of $3.62 on Thursday. The 52 week low price of the stock is at $2.09 and 52 week high price of the stock is at $5.19 per share. Presently there are 794.09 million shares of in the market and the institutional holding is at 33%. The stock had a trading volume of 90.54 million shares on Thursday and the average trading volume of the company is at the level of 22.30 million shares per day.