Wall Street Zen Downgrades Thumzup Media (NASDAQ:TZUP) to Sell

Key Points

• Thumzup Media was downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, indicating a negative outlook for the company.
• As of last Friday, Thumzup Media shares opened at $6.00 with a significant range over the past year, hitting a high of $16.49 and a low of $2.02.
• CEO Robert A. Steele sold 2.5 million shares at $0.50 each, reducing his ownership stake by over 80%, which raises concerns among investors.

Wall Street Zen downgraded shares of Thumzup Media (NASDAQ:TZUP - Free Report) from a hold rating to a sell rating in a report published on Sunday.

Thumzup Media Price Performance

Shares of NASDAQ:TZUP traded up $0.05 during trading hours on Friday, hitting $5.58. The stock had a trading volume of 311,373 shares, compared to its average volume of 1,184,569. Thumzup Media has a 1-year low of $2.02 and a 1-year high of $16.49. The stock's fifty day simple moving average is $10.20 and its 200 day simple moving average is $6.91.

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

Insider Buying and Selling

In other Thumzup Media news, CEO Robert A. Steele sold 2,500,000 shares of the business'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 in the company, valued at $301,000. The trade was a 80.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 43.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of Thumzup Media by 27.4% during the 2nd quarter. Geode Capital Management LLC now owns 43,596 shares of the company's stock worth $306,000 after buying an additional 9,371 shares during the last quarter. Kestra Private Wealth Services LLC raised its position 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 purchasing an additional 26,000 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Thumzup Media during the 2nd quarter worth approximately $207,000.

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.