I perceive as you do, but it is unclear a this moment, I think ZNGA could be a good acquisition for a big gambling casinos, or even for FB, in the other hand the business today has a clear route, changes on focus was pretty aggressive, but very well addressed, cutting the cost, focus on mobile, looking for patents, good partnership with gambling organization, and with the New Jersey governor approving gambling in his state, all this combine detonates something good for zynga and its investors.
We are just seeing basic price correction here. Basically znga was priced near book as Wall Street wrote it off. Good quarter highlighted undervalued asset and that company wasn't heading towards bk. at current pricing, znga is basically free bet on online gambling which looks more real every day. As to the rise, basically change in attitude and even more important currently is the technical factors. Once znga held $3, institutional investors were "allowed" to come back in which you are seeing the price rise today based on their accumulation.