Zeta Global Holdings Corp. (ZETA) saw its stock price soar 5.19% on Wednesday in pre-market and intraday trading sessions. The significant rally was fueled by the company's proactive efforts to address concerns raised in a recent short seller report and renewed confidence from analysts.
In response to allegations made in a short report by Culper Research earlier this month, Zeta Global released a detailed rebuttal on its Investor Relations website. The company firmly stated that the short report was "filled with highly misleading and objectively false claims" and asserted that its data gathering, privacy policies, and financial reporting practices comply with relevant laws and aim to deliver value to clients and shareholders.
Adding further momentum to the stock's upward trajectory, research firm Canaccord Genuity raised its price target on Zeta Global to $28 from $24. Analyst David Hynes expressed increased confidence in the company's solid footing, citing Zeta Global's proactive efforts in refuting the short report's allegations and actively supporting the stock. Hynes believes the current situation presents an "interesting buying opportunity" for investors looking ahead 9 to 12 months.
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