Zeta rises post $100 mln stock buyback plan, a day after 37% fall

Zeta Global Holdings

14/11/2024 10:58

** Shares of cloud platform Zeta Global Holdings  ZETA.N 
rise 17.3% to $20.81 premarket
    ** ZETA's shares had fallen 37% in previous session to a
four-month low on a report from short-seller Culper Research  
    ** Thursday's rebound comes after ZETA authorized a
repurchase program for up to $100 mln of Class A common stock
through December 31, 2026
    ** "We can see no better use for our excess free cash flow,"
says CFO Chris Greiner 
    ** Culper Research said on Wednesday ZETA is "potentially
facing devastating regulatory action" for inflating its reported
revenue growth
    ** ZETA responded that it is "confident in its internal
accounting processes and controls" 
    ** Twelve of 14 brokerages rate the stock "buy" or higher,
two "hold"; their median PT is $42 - LSEG data
    ** As of last close, stock up ~101% YTD


 (Reporting by Ragini Mathur)
 ((Ragini.Mathur@thomsonreuters.com;))