ZipRecruiter (NYSE:ZIP) Stock Price Down 5% – Here’s Why

ZipRecruiter, Inc. (NYSE:ZIP) shares dropped 5% during mid-day trading on Wednesday. The company traded as low as $6.20 and last traded at $6.2620. 1,094,127 shares changed hands during mid-day trading, an increase of 10% from the average daily volume of 994,146 shares. The stock had previously closed at $6.59.

ZipRecruiter News Summary

Investors following ZIP have been watching these news items:

• Positive Sentiment: Zacks Research upgraded ZipRecruiter from “Hold” to “Strong Buy,” citing improving earnings prospects. Zacks also highlighted positive earnings-estimate revisions, which may support investor optimism. Zacks upgrade
• Neutral Sentiment: Analyst views are mixed: UBS raised its price target to $5 from $4.50 but maintained a “Neutral” rating. The reported consensus rating is “Hold,” with an average target of $4.33, below the cited recent share price. Analyst outlook
• Negative Sentiment: EVP Boris Shimanovsky sold 67,937 shares, reducing his direct holdings by 16.61%. The sale was made under a pre-arranged Rule 10b5-1 plan, which may lessen the significance of the transaction as a signal about the company’s prospects. SEC filing

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wall Street Zen lowered ZipRecruiter from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 7th. The Goldman Sachs Group boosted their target price on ZipRecruiter from $3.50 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Weiss Ratings downgraded ZipRecruiter from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday. Zacks Research raised ZipRecruiter from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Finally, UBS Group increased their price target on shares of ZipRecruiter from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, ZipRecruiter has a consensus rating of “Hold” and an average target price of $4.33.

ZipRecruiter Stock Down 4.5%

The company has a 50-day simple moving average of $4.15 and a two-hundred day simple moving average of $3.44. The stock has a market cap of $464.68 million, a P/E ratio of 10.87 and a beta of 1.54.

ZipRecruiter (NYSE:ZIP) last released its quarterly earnings data on Monday, November 9th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.17. The company had revenue of $124.44 million for the quarter. As a group, sell-side analysts forecast that ZipRecruiter, Inc. will post -0.01 earnings per share for the current fiscal year.

Insider Activity

In other ZipRecruiter news, EVP Boris F. Shimanovsky sold 67,937 shares of the firm’s stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $5.56, for a total value of $377,729.72. Following the sale, the executive vice president owned 341,038 shares of the company’s stock, valued at $1,896,171.28. This trade represents a 16.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ian H. Siegel sold 9,722 shares of the business’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $3.59, for a total transaction of $34,901.98. Following the completion of the transaction, the chief executive officer owned 170,285 shares in the company, valued at $611,323.15. The trade was a 5.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 219,255 shares of company stock valued at $986,161. 19.85% of the stock is owned by corporate insiders.

Institutional Trading of ZipRecruiter

Several large investors have recently modified their holdings of ZIP. AXQ Capital LP purchased a new stake in ZipRecruiter in the 2nd quarter worth approximately $38,000. Ritholtz Wealth Management bought a new stake in shares of ZipRecruiter in the 3rd quarter worth approximately $39,000. Focus Advisor Solutions LLC bought a new stake in shares of ZipRecruiter in the 3rd quarter worth approximately $43,000. Caerus Investment Advisors LLC purchased a new position in shares of ZipRecruiter during the first quarter valued at approximately $25,000. Finally, R Squared Ltd purchased a new position in shares of ZipRecruiter during the third quarter valued at approximately $50,000. 70.55% of the stock is owned by institutional investors.

ZipRecruiter Company Profile

ZipRecruiter, Inc. operates an online employment marketplace that connects businesses with job seekers. Employers can create and manage job listings, while candidates can search and apply for openings through the company’s website and mobile applications. The platform uses technology to match job seekers with relevant opportunities and help employers identify potential candidates. Its services include tools for posting jobs, managing applications, and finding or inviting candidates to apply. Founded in 2010, ZipRecruiter is headquartered in Santa Monica, California, and primarily serves employers and job seekers in the United States, with operations also serving select international markets.