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TheStreet Open House

Zynga Jumps on New Jana Partners Stake

NEW YORK ( TheStreet) -- Hit by weak offerings, losses and concerns over its future, Zynga (ZNGA) is finally getting some good news from the world of investing. Activist investor Jana Partners revealed a large stake in the social gaming company, owning more than 25 million shares.

Shares of Zynga jumped more than 7% to $3.60 after activist investor Barry Rosenstein and his fund Jana Partners released its 13F filing earlier Wednesday.

Jana Partners also revealed new stakes in Boeing (BA), Groupon (GRPN), and DirectTV (DTV).

In April, the San Francisco-based Zynga said second-quarter earnings would be worse than expected, as the company continues to try to transition to consumers ever changing needs.

"2013 will continue to be a transition year as we face the challenging environment on the web and invest in developing the leading franchises and network across web and mobile platforms and offer our 253 million monthly players a connected experience that can follow them from work to school to home and anywhere in between," said CEO Mark Pincus in a recent press release.

Zynga expects to lose between 3 and 4 cents a share in the second quartaer on revenue of $225 million to $235 million. According to a Thomson Reuters survey, analysts expect Zynga to lose 3 cents a share on $190 million in sales.

-- Written by Chris Ciaccia in New York

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