Zynga (NASDAQ:ZNGA) Stock Gets a Boost after Nevada Gaming Filing Report

Zynga Inc’s (NASDAQ:ZNGA) stock moved up over 7% to $2.50 in early trades on Thursday after the company’s action to apply for a real-money gaming license in the state of Nevada.

The San Francisco, California based Zynga reported on late Wednesday that has filed a request for a preliminary finding of suitability with the Nevada Gaming Control Board.

The corporation projects the process will take between 12-18 months to done.

Chief revenue officer of Zynga Barry Cottle reported in the company’s statement that this filing continues their strategic attempt to enter the regulated real money gaming markets in a careful way.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Electronic Arts Inc. (NASDAQ:EA) rose +1.30% to settle at $14.82, THQ Inc. (NASDAQ:THQI) moved down -1.60% to end at $1.23 while Glu Mobile Inc. (NASDAQ:GLUU) jumped +2.42% to finish at $2.54 on Thursday.

Zynga Inc (NASDAQ:ZNGA) last session’s volume of 41.02 million shares was higher than its average volume of 21.05 million shares. The stock after opening at $2.46 hit high price of $2.55 and then closed at $2.48 by scoring +7.11%.

ZNGA generated revenue of $1.28 billion in the previous twelve months and earned -$595.89 million. The Company showed a negative -46.51% in the net profit margin as well as in its operating margin which remained at -55.19%.

The ZNGA’s past twelve months’ price to sales ratio was 1.52 and price to cash ratio remained 1.47. As far as the returns are concerned, ZNGA’s return on equity was recorded as -69.00% and return on investment decreased -40.62% while its return on asset stayed at -28.95%.

The stock showed weekly downbeat performance of -5.15% which was maintained for the month at 10.94%. Likewise the negative performance for the quarter was recorded as -14.90% and for the YTD performance remained at -73.59%.

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