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Director Mark Ghermezian of Zedge, Inc. (NASDAQ:ZDGE), a $53.64 million market cap company, has sold a total of 72,450 shares of Class B Common Stock on June 24 and 25, according to a new SEC filing. The shares were sold in two transactions, fetching prices between $3.9945 and $4.0649, for a total value of $292,688. The timing is notable as InvestingPro data shows the stock has gained over 45% in the past six months and technical indicators suggest overbought conditions.
On June 24, Ghermezian sold 46,683 shares. Following this transaction, Ghermezian directly held 25,767 shares. A subsequent transaction on June 25 saw the sale of the remaining 25,767 shares held directly by Ghermezian.
Following these transactions, Ghermezian directly holds zero shares. The filing indicates that Ghermezian indirectly owns 4,563 shares through T5 Capital Partners (WA:CPAP) LLC.
In other recent news, Zedge Inc. reported its financial results for the third quarter of fiscal year 2025, exceeding revenue expectations with a total of $7.8 million, surpassing the forecasted $7.2 million. The company also reported a GAAP net income of $200,000, doubling compared to the previous year. Zedge launched new products, including dataseeds.ai and an AI audio generator, as part of their strategic initiatives. Despite these positive financial results, Zedge’s stock experienced a decline of 4.46% in after-hours trading. The company is focusing on AI innovation and B2B expansion as part of its strategic priorities, anticipating full benefits of restructuring efforts to be visible by fiscal 2026. Analysts did not provide any upgrades or downgrades in recent reports. The company ended the quarter with $20.4 million in cash and no debt, reflecting a strong balance sheet. Zedge’s adjusted EBITDA increased by 46% year-over-year, indicating improved profitability.
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