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ZNGA stock changed its fortunes yesterday with a steady climb higher. |
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Released on Tuesday, August 7th, 2012, 5:15 AM ET
Pittsburgh, PA (SpeculatingStocks) - Zynga, Inc. (NASDAQ:ZNGA) closed at $2.94 yesterday, up 8.88% since it hit bottom on at $2.70 on Thursday, August 2nd. This comes after shares have had an extremely tough 2012, dropping from a high of $15.91.
As covered in our ZNGA article on Thursday, July 2nd, ZNGA shares were trading around their asset value. Even with the big move on Monday, August 6th, ZNGA is trading at a market cap of only $2.23 billion.
Zynga has a veteran businessman in Marc Pincus leading the show and he should be able to turn the ship around. He now holds more than 50% voting rights within Zynga. ZNGA shares could turn out to be a heck of a steal at $2.94 when investors look back on ZNGA in a year.
Google+, an up and coming social platform, has been placing Zynga games up. Zynga is not as dependent on Facebook as investors think. They've been becoming strong on mobile and Google+ and of course have their entrenched position in Facebook.
Zynga is still the "it" casual gaming company and has the staff and leadership to make a big turnaround.
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