Kedia Securities buys 2 million Zaggle shares after 20% dip
Kedia-owned Kedia Securities just picked up 2 million shares of Zaggle Prepaid Ocean Services on August 18, right after the company's stock took a steep 20% dive to its lowest point in a year.
The timing turned heads, especially since the stock surged more than 7% the next day.
Zaggle revenue +28% profit -33%
Zaggle grew its revenue by 28% this quarter, but profits slid by 33%, mainly because of costs from acquiring DICE and higher-tech expenses.
Margins are tighter too, dropping from 10.1% to 8.2%.
Even with over 3,900 corporate clients using their expense automation tools, Zaggle is feeling some pressure and says it's now focusing on streamlining operations and boosting AI to turn things around.
Kedia Securities purchase may attract investors
Kedia has a reputation for spotting potential in midcap companies before others do.
His investment could spark more interest in Zaggle as the company tries to bounce back and grow smarter after this rocky patch.