Artificial Intelligence (AI)- powered cloud marketing platform operator Zeta Global (ZETA) is attempting to regain investors’ confidence by having leaders buy roughly $3 million worth of its stock.
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The effort seems to be working with ZETA shares up 3.3% on Tuesday morning following an 11.38% rally during normal trading hours yesterday.
Breaking Down the ZETA Stock Purchases
A series of filings with the Securities and Exchange Commission (SEC) show the efforts Zeta Global leaders are going through to win back shareholder trust.
CEO David Steinberg started the purchases by acquiring 53,676 shares for an average price of $19.24 per share. President and Chief Operating Officer Steven Gerber followed that up by buying 13,250 shares for an average of $18.55. Also, Chief Financial Officer Christopher Greiner picked up 7,975 shares for an average of $18.7975 as part of the effort.
Moving away from the executives, Director Imran Khan joined the stock-buying plan by purchasing 55,000 shares for an average of $18.9554. Fellow Director William Landman added to this effort by obtaining 8,010 shares for an average of $18.55. Director Jene Elzie closed out the purchases by snapping up 1,260 shares for an average of $19.7327.
Why Do ZETA Shareholders Need a Confidence Boost?
Zeta Global’s stock fell hard last week following a short report from Culper Research. The main complaint against the company was alleged underhanded data-collecting practices. Following this report, ZETA shares lost roughly half their value.
Steinberg retaliated against this short report, saying it was “filled with false claims and objectively wrong information about Zeta Global.” He also noted that the company “will not allow untrue claims to derail our forward momentum.”
Should Investors Buy ZETA Stock?
Looking at Wall Street, the analysts’ consensus rating for Zeta Global is Strong Buy based on 11 Buy and three Hold ratings over the last three months. That comes with an average price target of $38.08, a high of $45, and a low of $24. This represents a potential 94.48% upside for the shares.
