From what I can tell, this stock has made shorts a lot of money. I don't know whether it's an organized "bear raid" ("hitting the bid") or what? Nevertheless, once the company starts to show a profit, they will be gone.
Here's the problem with you and some other people on here's reasoning: There's virtually NO short interest in ZNGA. It's maybe 1-2% of the float. Nobody wants to short a stock that's trading this close to book and cash value. No, this is MM induced pump and dumping, plain and simple. I'll buy when it bounces off of $2.35 again and either sell into the next pump or, if it looks like it's going to breakout, hold out for $3 or $4.
I have made this point several times as well. Very few shares of ZNGA are currently on loan. Any short squeeze will be an ephemeral affair measured in hours, or it simply won't occur whatsoever. Conspiracy theories might have some credence when it comes to this scam stock, but a bear raid isn't one of them. As is the case with all stocks, ZNGA will simply respond to real numbers over the long haul, or lack thereof. In the short run, anything is possible, and this stock clearly demonstrates short term speculative behavior. In the end, it's all about supply and demand curves baby! Yes, the same ones you learned in college Econ. 101.
Wrong. Two 30M share days is not the MMs pumping and dumping... it is clearly buyers in what was an over sold stock... they rest now and the stock consolidates. There are higher lows each time... the next low (now) will likely be 2.40. This trading range will narrow until the official breakout which will likely happen on a news event.