/// Zynga Underwriter J.P. Morgan Reduces Stake to Almost Zero
One of the major underwriters in Zynga’s public offering has reduced its stake to nearly zero, according to a document filed with the SEC today. J.P. Morgan now owns 2.6 million shares, or less than half of a percent of the social games company. Based on today’s stock price of $2.59 a share, the shares are worth only $7 million. A big reduction by an institutional investor, like J.P. Morgan, implies that it doesn’t have a lot of confidence that the company can turn things around in the coming months. The last time J.P. Morgan updated its stake was a year ago. In January 2012, J.P. Morgan said it owned 6.7 million shares, which equated to a 6.7 percent stake. Back then, shares were trading at $9.12, so the stake was worth a whole lot more, roughly $61 million. It’s not clear exactly when J.P.
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Zynga Underwriter J.P. Morgan Reduces Stake to Almost Zero