Thumzup Media (NASDAQ:TZUP) Shares Up 1.5% - What's Next?

Key Points

• Thumzup Media's shares rose by 1.5% to $5.42, with a trading volume of approximately 379,709 shares, down from its average daily volume.
• The company was downgraded from a "hold" to a "sell" rating by Wall Street Zen, reflecting a shift in analyst sentiment.
• Thumzup Media has authorized a $10 million stock repurchase plan, indicating confidence from the Board of Directors in the company’s undervalued stock.

Thumzup Media Corporation (NASDAQ:TZUP - Get Free Report)'s share price was up 1.5% during mid-day trading on Thursday . The stock traded as high as $5.56 and last traded at $5.42. Approximately 379,709 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 476,372 shares. The stock had previously closed at $5.34.

Analyst Upgrades and Downgrades

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

Thumzup Media Stock Performance

The business has a 50-day simple moving average of $7.63 and a two-hundred day simple moving average of $7.28. The stock has a market cap of $88.18 million and a price-to-earnings ratio of -7.42.

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

Thumzup Media declared that its Board of Directors has approved a stock repurchase plan on Wednesday, September 24th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to purchase up to 13.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Robert A. Steele sold 2,500,000 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $0.50, for a total transaction of $1,250,000.00. Following the completion of the transaction, the chief executive officer directly 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 document filed with the SEC, which is accessible through this hyperlink. Company insiders own 43.50% of the company's stock.

Institutional Trading of Thumzup Media

Institutional investors and hedge funds have recently bought and sold shares of the business. Kestra Private Wealth Services LLC raised its stake in Thumzup Media by 195.5% in the first quarter. Kestra Private Wealth Services LLC now owns 39,300 shares of the company's stock valued at $159,000 after buying an additional 26,000 shares during the period. Marshall Wace LLP bought a new position in shares of Thumzup Media during the second quarter worth approximately $207,000. Finally, Geode Capital Management LLC increased its stake in shares of Thumzup Media by 27.4% during the second quarter. Geode Capital Management LLC now owns 43,596 shares of the company's stock worth $306,000 after purchasing an additional 9,371 shares during the period.

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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