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Is Zynga a Buy Under $8? By StockNews

Is Zynga a Buy Under $8? © Reuters. Is Zynga a Buy Under $8?

Social gaming services provider Zynga Inc . (NASDAQ:ZNGA) recently acquired two companies as part of its long-term growth strategy. However, considering the company’s low-profit margins and its stock’s premium valuation, will the stock be a good addition to one’s portfolio? Read on to learn more.Zynga Inc. (ZNGA) is a global leader in interactive entertainment. With a reach in more than 175 countries and regions globally, it has a diversified portfolio of iconic gaming franchises that have been downloaded more than four billion times on mobile phones.

The San Francisco, Calif.-based company gained popularity during an increase in online social gaming as the COVID-19 pandemic fostered remote lifestyles.

However, closing yesterday’s trading session at $7.65, the stock is currently trading 37.9% below its 52-week high of $12.3, which it hit on February 19, 2021. In addition, the stock has declined 30.4% in price over the past six months and 22.5% year-to-date.

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