NEW YORK (
) - Shares of online gaming specialist
(ZNGA - Get Report)
are sliding again today, down 8.6% in early Monday trading.
After the close of trading on Friday,
a 16% stake in the company, owning just over 16 million shares of the social networking gaming company.
Zynga, which makes the popular
game, went public in
amidst much scrutiny. The company relies on just a small percentage of its users for the majority of its revenues.
That prompted research firm Macquarie Group to
launch coverage on the company
last week with a neutral rating. Zynga was the third major social networking company to go public last year, behind
(LNKD - Get Report)
(GRPN - Get Report)
Analyst Ben Schachter wrote that he was worried about Zynga being overly dependent on a small percentage of its users for the majority of its revenues. According to Schacter, only about 2.2% of the company's 150 million users pay for its games.
Zynga shares were falling sharply Monday, down 8.7% to $8.03.
Interested in more on Zynga? See TheStreet Ratings' report card for
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Written by Chris Ciaccia in New York
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