Dallas, Texas 08/21/2013 (Financialstrend) – Analysts at Janney Capital Markets had initiated coverage on the stock of Zynga Inc (NASDAQ:ZNGA) which had presently received a sell rating. The analysts had noted that there around 1.9 million customers to the social gaming company who would not have a second thought on spending their money and time on the new games of next gen consoles to be launched for this holiday. It had further been commented that the user base of the games of this company are recently enhanced by the popularity among the greatest number of players across the global markets.
Further, the market for social gaming is also expected to grow to around $9.8 billion by the end of 2013 and to $13.9 billion by the end of 2015. This growth in the social games is primarily attributed to its availability for free use by the customers compared to the desktop usage and the paid mobile applications. The analysts believe that Zynga Inc (NASDAQ:ZNGA) would prove successful in making use of this freemium model of the social games to effectively shift from the web to the mobile. Though this shift would prove highly difficult in the initial stages, the company would be able to efficiently to post strong revenues from mobile ads in due course of time.
Zynga Inc (NASDAQ:ZNGA) had moved down on Tuesday in the markets to make loss of around 2.83% in share prices and had thereby closed at $2.75 per share. The stock had been presenting intraday price fluctuations ranging from low of $2.74 to high of $2.85 per share for the day. The company’s stock had on Tuesday reported volume of trading in the markets at 23.26 million shares, while the shares on an average had moved to record trading volumes at 22.98 million shares per day. The stock presently has 52 week low of $2.09 and 52 week high of $4.03 per share.