ZipRecruiter Jumps 10% On Share Repurchase News

(RTTNews) - The California-based recruiting company, ZipRecruiter, Inc. (ZIP), saw its stock soar 11% in the morning trading session after the company announced yesterday that it will increase its share buyback fund by another $150 million.

The board had previously sanctioned $100 million to the share repurchase program. The company reported that, as of June 15, there was $6.6 million in class A common stock available in the market for repurchase. Ian Siegel, CEO of ZipRecruiter, said, "Increasing the share repurchase program by $150 million demonstrates ZipRecruiter's confidence in delivering profitable growth."

The stock tanked to its 52-week low yesterday but since then, the stock took a steep turn towards the positive and is currently trading at $17.38, up $2.07 or 13.52% since the previous close at $15.31. The stock opened at $15.76 in the morning. In the 52-week period, the stock has ranged between, $14.90 or $32.90 per share.