5 Best Nano-Cap Stocks To Buy For 2022

3. Zedge, Inc. (NYSE:ZDGE)

Market Cap as of October 14: $32.6 Million

Number of Hedge Fund Holders: 5

Zedge, Inc. (NYSE:ZDGE) is an interactive media and communication services company that provides phone personalization products. The company’s app offers users to personalize their smartphones with ringtones, widgets, wallpapers, and notifications. The company is cash-rich and also utilizes its resources efficiently by way of buy-backs. Zedge, Inc. (NYSE:ZDGE) has free cash flows of over $13 million and on August 16, the company announced that its board of directors has authorized a $1.5 million share buy-back program. Zedge, Inc. (NYSE:ZDGE) has pulled back and is offering investors a chance to rack up shares into weakness. As of October 14, the stock is trading at a PE multiple of 4x.

On September 20, Zedge, Inc. (NYSE:ZDGE) announced that it has added 1,000 of Saregama’s master recordings for ringtones to its platform. Saregama India is one of the largest music archives in the world. On October 3, Maxim analyst Allen Klee revised his price target on Zedge, Inc. (NYSE:ZDGE) to $8 from $13 and maintained a Buy rating on the shares.

At the end of Q2 2022, 5 hedge funds were eager on Zedge, Inc. (NYSE:ZDGE) and held stakes worth $3.06 million in the company. As of June 30, Renaissance Technologies is the largest shareholder in Zedge, Inc. (NASDAQ:ZDGE) and has stakes worth $2.18 million in the company.