Stock Buyback Program Announced by Thumzup Media (NASDAQ:TZUP) Board of Directors

Thumzup Media (NASDAQ:TZUP) declared that its board has initiated a share buyback program on Wednesday, September 24th, RTT News reports. The company plans to buyback $10.00 million in shares. This buyback authorization permits the company to repurchase up to 13.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Thumzup Media from a “hold” rating to a “sell” rating in a research note on Sunday, August 24th.

Thumzup Media Stock Up 3.5%

Shares of TZUP stock opened at $5.34 on Friday. The firm has a 50 day moving average price of $8.32 and a two-hundred day moving average price of $7.24. The company has a market capitalization of $86.88 million and a PE ratio of -7.31. Thumzup Media has a 12-month low of $2.02 and a 12-month high of $16.49.

Thumzup Media (NASDAQ:TZUP) last posted its earnings results on Thursday, August 14th. The company reported ($0.12) earnings per share for the quarter.

Insiders Place Their Bets

In other Thumzup Media news, CEO Robert A. Steele sold 2,500,000 shares of the firm’s stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $0.50, for a total value of $1,250,000.00. Following the transaction, the chief executive officer directly owned 602,000 shares of the company’s stock, valued at $301,000. This trade represents a 80.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 43.50% of the stock is owned by corporate insiders.

Thumzup Media Company Profile

Thumzup Media Corporation is a provider of social media branding and marketing solutions which allow businesses and brands to pay customers and fans cash through Venmo and PayPal for their posts on social media. Thumzup Media Corporation is based in Los Angeles, CA.