At least five brokerage firms initiated coverage on ZIP this morning
The shares of Ziprecruiter Inc (NYSE:ZIP) are up 4.2% to trade at $22.16 at last check, after at least five brokerage firms initiated coverage on the security this morning. For one, J.P. Morgan Securities started with a "neutral" rating, as well as a $24 price target, noting it expects revenue growth driven by a strong job market after Covid-19. Raymond James was even more optimistic, beginning with a "strong buy" rating and a $36 price target, as it cheered ZIP's leadership position in a recruiting market that is shifting online. Echoing this, William Blair and Evercore started with an "outperform" rating, while Goldman Sachs initiated with a "buy."
Analysts are still making up their minds on ZIP, with this slew of fresh analyst coverage coming after the company's market debut on May 26, when it went public with an initial public offering (IPO) price of $18 per share.
Today's pop has Ziprecruiter stock pacing for its best session in more than two weeks. The security had been taking a breather from a June 3, all-time high of $24.83, guided lower by the 10-day moving average, though shares seem to have now conquered that level. Week-to-date, ZIP is up 4.3%.
What's more, the equity's recent positive price action has stretched its 14-Day Relative Strength Index (RSI) up to 58. In other words, Ziprecruiter stock may be inching towards "overbought" territory.