Influencer marketing company IZEA Worldwide, Inc. (IZEA) announced that it has been awarded a new contract by a Fortune 200 customer.
Following the news, shares of the company slid 3.6% in Friday’s trading session. The stock, however, recovered almost 2% in the extended trading session and closed at $2.19.
The agreement involves IZEA Worldwide executing influencer marketing campaigns to promote the customer’s products across a wide range of social media platforms like Instagram, Pinterest and YouTube. The content will be primarily catering to audiences interested in do-it-yoursely (DIY) and home improvement projects.
CEO of IZEA Worldwide Ted Murphy said, “Consumers look to influencers for inspirational DIY projects and the products used to complete them, whether it be renovating a bathroom or refinishing furniture. Interest in this type of social media content soared with the sharp uptick of consumers engaging in home improvement projects last year, and the content remains an area of high interest for many new homeowners in the current real estate market.” (See IZEA Worldwide stock chart on TipRanks)
The stock has a Moderate Buy consensus based on 1 Buy.
Two months ago, Ladenburg Thalmann analyst Jon Hickman upgraded the stock to a Buy with a price target of $4.15. The analyst’s price target implies upside potential of 93% from current levels. Shares have gained 100.9% over the past year.
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