LOS ANGELES—Robert Steele, the Chief Executive Officer of Thumzup Media Corp (OTC:TZUP), recently acquired additional shares of the company. According to a recent SEC filing, Steele purchased 1,000 shares of Thumzup Media common stock on November 19 at an average price of $3.6765 per share. This transaction amounted to a total purchase value of $3,676.
Following this acquisition, Steele's total direct ownership in the company now stands at 3,101,000 shares. This move reflects Steele's continued investment in Thumzup Media, a company involved in computer processing and data preparation services.
The acquisition underscores Steele's confidence in the company's future prospects as it continues to navigate the competitive landscape of technology services.
In other recent news, Thumzup Media Corporation has announced substantial developments. The company has secured approximately $8.2 million through an additional public offering, facilitated by Dawson James Securities, Inc. The offering resulted in the sale of an additional 213,750 shares, increasing the total number of shares sold to 1,638,750.
Simultaneously, Thumzup is making significant strides in its expansion into key Los Angeles areas, intending to strengthen partnerships with local businesses and empower gig economy workers. The company's innovative platform, which rewards users for sharing branded content, is at the heart of this initiative.
Furthermore, Thumzup is nearing the launch of its integration with Instagram Reels to enhance its proprietary ad tech platform. This development is expected to leverage Instagram Reels' audience of over 726 million unique users, potentially increasing user earnings from social media posts.
These recent developments align with Thumzup's mission to revolutionize the social media marketing industry. The company's platform, available for download on the App Store and Google (NASDAQ:GOOGL) Play, continues to facilitate cash payments to users for promoting advertisers' products and services.
InvestingPro Insights
Robert Steele's recent purchase of Thumzup Media Corp (OTC:TZUP) shares aligns with some interesting financial metrics and trends highlighted by InvestingPro. Despite the CEO's show of confidence, the company faces some challenges that investors should consider.
According to InvestingPro data, Thumzup's market capitalization stands at $31.65 million, positioning it as a small-cap stock. The company has demonstrated impressive revenue growth, with a 112.55% increase over the last twelve months as of Q3 2024. This growth trajectory is further emphasized by a quarterly revenue growth of 108.33% in Q3 2024, indicating strong momentum in the company's core business.
However, an InvestingPro Tip reveals that Thumzup is not profitable over the last twelve months, which is reflected in its negative P/E ratio of -30.86. This suggests that while the company is growing rapidly, it is still in an investment phase and has yet to translate its revenue growth into bottom-line profits.
Another InvestingPro Tip points out that the stock has taken a significant hit over the last week, with a one-week price total return of -29.88%. This recent downturn is part of a broader trend, as the stock has experienced a -46.92% return over the past month and a -35.51% return over the last three months.
These insights provide context to CEO Steele's recent share purchase, suggesting he may view the current price as an attractive entry point despite the company's financial challenges. Investors considering following Steele's lead might want to explore the additional 9 tips available on InvestingPro to gain a more comprehensive understanding of Thumzup's financial position and market performance.
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