Palantir Technologies (NYSE:PLTR) Inc., a significant shareholder in Rubicon Technologies, Inc. (NASDAQ:RBTC), has recently sold a portion of its holdings in the company. The transaction, which occurred over a span of three days, resulted in the sale of Rubicon Technologies stock worth over $13,000.
The sales took place on July 9, 10, and 11, with prices ranging from $0.1098 to $0.1249 per share. On the first day, 50,000 shares were sold at a weighted average price of $0.1249, with the price range for these sales being between $0.118 and $0.131. The following day saw the sale of 30,769 shares at an average of $0.1218, executed within a range of $0.1199 to $0.1244. The final day of transactions involved 30,000 shares sold at a weighted average price of $0.1098, with the sale prices ranging from $0.1058 to $0.112.
After the completion of these sales, Palantir Technologies Inc . continues to hold a substantial number of shares in Rubicon Technologies. The detailed transactions indicate that Palantir Technologies remains a ten percent owner of the company, with direct ownership of over 10.4 million shares following the reported sales.
Investors and interested parties can request more information about the specific number of shares sold at each price point from Palantir Technologies Inc. This information can be provided by the company upon request from the Securities and Exchange Commission, Rubicon Technologies, or any security holder of the issuer.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, signed under the power of attorney by Scott S. Hsu on July 11, 2024.
In other recent news, Rubicon Technologies reported first-quarter 2024 financial results, revealing a revenue of $166.1 million and an adjusted EBITDA loss of $11.0 million. The company also finalized the sale of its Fleet Technology business units to Rodina Capital for $94.2 million, a strategic move intended to reduce debt and enhance liquidity. Amid these developments, Cantor Fitzgerald adjusted its price target for Rubicon, reducing it to $0.60 from $1.60, while maintaining an Overweight rating on the stock. This revision followed Rubicon's earnings report, which indicated challenges with revenue and customer retention. Furthermore, Rubicon announced the resignation of CFO Kevin Schubert, effective June 1, 2024, a major change in the company's financial leadership. These are recent developments that investors of Rubicon Technologies should be aware of. As the company navigates these changes, it continues to focus on its core business and profitability.
InvestingPro Insights
In light of Palantir Technologies Inc.'s recent sale of Rubicon Technologies, Inc. (NASDAQ:RBTC) shares, a closer look at Rubicon's financial health and market performance offers additional context for investors. According to InvestingPro Data, Rubicon currently holds a market capitalization of $6.69 million USD, reflecting its size within the market. Despite a challenging period, Rubicon's revenue over the last twelve months as of Q1 2024 stands at $681.59 million USD.
However, the company's financials exhibit signs of concern, with a negative profit margin and a return on assets at -43.46%, indicating struggles in turning assets into profit. Furthermore, the InvestingPro Data shows a gross profit margin of 7.37%, which aligns with InvestingPro Tips highlighting weak gross profit margins as a critical issue for Rubicon.
Investors should note that Rubicon has experienced a significant price drop, with a 1-year price total return at -95.82%, suggesting a downward trend in the stock's market value. Moreover, the stock has shown high volatility, as evidenced by a 67.94% return over the last month, yet a -68.55% return over the last three months. These fluctuations, along with the company's significant debt and cash burn issues, as mentioned in the InvestingPro Tips, may influence investment decisions.
For those considering deeper analysis, there are additional InvestingPro Tips available at: https://www.investing.com/pro/RBTC. Rubicon's financial challenges, such as its significant debt burden and cash burn, are essential factors to consider, especially when a major shareholder like Palantir Technologies adjusts its investment. Investors can access a total of 16 InvestingPro Tips for a comprehensive understanding of Rubicon's position. Moreover, by using the coupon code PRONEWS24, investors can receive up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to gain further insights into the market.
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