Stock Buyback Plan Approved by Thumzup Media (NASDAQ:TZUP) Board of Directors

Key Points

• Thumzup Media's board has approved a stock buyback program, allowing the company to repurchase up to $10 million in shares, indicating confidence that its stock is undervalued.
• Recently, Wall Street Zen downgraded Thumzup Media from a "hold" to a "sell" rating, reflecting a change in sentiment towards the stock.
• The company's stock price has recently increased by 7.0%, trading at $4.87, despite a reported loss of ($0.12) earnings per share in its last quarterly results.

Thumzup Media (NASDAQ:TZUP - Get Free Report) declared that its board has initiated a stock buyback program on Wednesday, September 24th, RTT News reports. The company plans to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

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

Thumzup Media Stock Up 7.0%

Shares of NASDAQ:TZUP traded up $0.32 during midday trading on Wednesday, reaching $4.87. The company had a trading volume of 773,515 shares, compared to its average volume of 421,611. Thumzup Media has a 1-year low of $2.02 and a 1-year high of $16.49. The stock has a market cap of $79.23 million and a PE ratio of -6.67. The business's 50 day moving average price is $8.65 and its 200 day moving average price is $7.21.

Thumzup Media (NASDAQ:TZUP - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.12) earnings per share (EPS) for the quarter.

Insiders Place Their Bets

In other Thumzup Media news, CEO Robert A. Steele sold 2,500,000 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $0.50, for a total transaction of $1,250,000.00. Following the sale, the chief executive officer owned 602,000 shares of the company's stock, valued at approximately $301,000. This represents a 80.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 43.50% of the stock is owned by insiders.

About Thumzup Media

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.

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