Zacks: Akazoo (NASDAQ:SONG) Receives Average Recommendation of “Strong Buy” from Brokerages

Shares of Akazoo (NASDAQ:SONG) have earned an average broker rating score of 1.00 (Strong Buy) from the two analysts that cover the stock, Zacks Investment Research reports. Two analysts have rated the stock with a strong buy rating.

Analysts have set a one year consensus target price of $11.00 for the company and are expecting that the company will post ($0.01) EPS for the current quarter, according to Zacks. Zacks has also given Akazoo an industry rank of 92 out of 255 based on the ratings given to related companies.

A number of brokerages have recently issued reports on SONG. UBS Group began coverage on Akazoo in a research report on Wednesday, October 16th. They set an “outperform” rating and a $12.00 target price on the stock. Macquarie began coverage on Akazoo in a research report on Thursday, September 12th. They set an “outperform” rating and a $10.00 target price on the stock. Noble Financial reaffirmed a “buy” rating and set a $12.00 target price on shares of Akazoo in a research report on Thursday, November 28th. Finally, Craig Hallum began coverage on Akazoo in a research report on Monday, October 7th. They set a “buy” rating and a $10.00 target price on the stock.

Shares of NASDAQ SONG traded down $0.01 during midday trading on Friday, reaching $5.74. 16,795 shares of the company’s stock were exchanged, compared to its average volume of 24,359. Akazoo has a 52-week low of $4.44 and a 52-week high of $7.49. The stock’s fifty day moving average price is $5.78.

An institutional investor recently bought a new position in Akazoo stock. Context Capital Management LLC purchased a new position in Akazoo (NASDAQ:SONG) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,000 shares of the company’s stock, valued at approximately $25,000. Context Capital Management LLC owned approximately 0.06% of Akazoo as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 5.93% of the company’s stock.

Akazoo Company Profile

Akazoo SA operates as an on-demand music streaming subscription company. It directly licenses music from various labels and provides online and offline listening platforms, social media integration, and a AI-driven new music recommendation engine. The company provides subscribers with unlimited online and offline streaming access to a catalog of approximately 45 million songs on a commercial-free basis.

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