IZEA Stock Price: IZEA Worldwide Inc lost a technical level, will it attract the Robinhood crowd?

IZEA Worldwide Inc closed at the lowest since June 8 amid profit-taking and broad concerns.
Bargain-seekers – potentially Robinhood users – may find it attractive.
The influencer company sees the upside and downside of social media trends.

Yohay Elam FXStreet

IZEA had all the ingredients to resume its rally – raising its employees' salaries back to pre-pandemic levels and insider buying – but that did not help. Will outside buyers now help it recover?

After a spectacular rise and a climbdown from the highs – more profit-taking was seen. Investor pushed NASDAQ: IZEA down to $1.69 on Tuesday – the lowest since June 8. Moreover, shares are now under the June 12 trough of $1.72 that served as support. The line now caps a future recovery, working as resistance.

IZEA stock news

IZEA, a media firm specializing in connecting brands and influencers on social media, may need help from influencers among the emerging investor community.

Users of the Robinhood application and other trading platforms tend to herd around cheap stocks – as seen in Hertz's case. The fallen car-rental giant entered Chapter 11 bankruptcy and still found buyers for its newly issues shares – while admitting they could be worthless.

IZEA, based in Winter Park Florida, may enjoy the sunshine amid a growing order book and is not reliant on hype. But is that enough to send its tock back to the June 11 peak of $2.82? It also depends on the broader market mood.

On the one hand, the US economy is opening up and it already has positive results for the economy – retail sales jumped by 17.7% in May, smashing all expectations. The same reopening also caused a spike in coronavirus cases – including in Florida.

For IZEA Worldwide, COVID-19 also provides an opportunity. The information overload causes confusion with many looking to trusted sources on social media – influencers on Instagram and other platforms – to show them the way.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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