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In a recent filing with the Securities and Exchange Commission, Gibber Elliot, a director at Zedge, Inc. (AMEX:ZDGE), reported purchasing 1,999 shares of the company’s Class B Common Stock. The shares were acquired at a price of $2.2083 each, totaling approximately $4,414. Following this transaction, Elliot’s direct ownership in Zedge stands at 228,082 shares. This includes 108,890 fully vested shares of restricted stock and 119,192 shares held directly. This insider purchase aligns with InvestingPro’s observation that management has been actively buying back shares. For deeper insights into insider trading patterns and 12+ additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Zedge Inc. reported its fiscal first quarter of 2025 financial results, revealing a significant miss on both earnings and revenue forecasts. The company posted an earnings per share (EPS) of -$0.01, falling short of the expected $0.06, while revenue reached $7 million, missing the forecasted $8.3 million. Despite the overall revenue decline of 10% year-over-year, Zedge noted a 13% increase in subscription revenue and a 22% growth in net active subscribers. The company is undergoing restructuring, which includes a 22% reduction in its global workforce, aiming to improve operational efficiency and reduce costs by approximately $4 million annually. Zedge also plans to introduce new AI-driven features, such as an AI audio creator, and continues its share buyback program. Analyst feedback from firms like Maxim Group has not indicated any upgrades or downgrades, but Zedge remains cautiously optimistic about recovering ad revenue as market conditions improve. The company is focused on optimizing its ad inventory and enhancing its subscription and premium offerings to drive growth.
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