Why Is Rubicon Technologies (RBT) Stock Down 24% Today?


  • Rubicon Technologies (RBT) stock is down on Tuesday alongside its latest earnings report.
  • The company missed Wall Street’s EPS estimate for Q1 2024.
  • It’s revenue also came in below analysts’ expectations.
RBT Stock - Why Is Rubicon Technologies (RBT) Stock Down 24% Today?

Source: Shutterstock

Rubicon Technologies (NYSE:RBT) stock is falling hard on Tuesday following the release of its earnings report for the first quarter of 2024.

The report starts with the waste and recycling services company’s earnings per share of -33 cents for the quarter. That’s worse than the -32 cents that Wall Street was expecting. That’s despite it being an improvement over the -41 cents from the same period of the year prior.

Adding to this is Rubicon Technologies’ revenue of $163.02 million. That’s another miss next to analysts’ revenue estimate of $171.4 million for the quarter. It’s also an 8.3% drop year-over-year from $179.06 million.

Rubicon Technologies CEO Phil Rodoni said the following in the earnings report:

“We are pleased to report our results for the first quarter, demonstrating our continued momentum through year-over-year Adjusted EBITDA improvement on our path to profitability. This performance is a testament to the dedication and hard work of our team, as well as the trust and support of our customers.”

RBT Stock Movement Today

Despite the earnings release, shares of Rubicon Technologies stock aren’t seeing much trading today. That only has some 177,000 shares changing hands as of this writing. That’s below its daily average trading volume of about 671,000 shares.

RBT stock is down 24.1% as of Tuesday morning. The stock was also down 81.1% year-to-date when markets closed yesterday.

There are more stock market stories worth reading about below!

We have all of the hottest stock market news ready to go on Tuesday! That includes what has shares of Greenwave Technology Solutions (NASDAQ:GWAV) stock, Biodexa Pharmaceuticals (NASDAQ:BDRX) stock and MGO Global (NASDAQ:MGOL) stock moving today. All of that news is good to go at the following links!

More Stock Market News for Tuesday

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/05/why-is-rubicon-technologies-rbt-stock-down-24-today/.

©2024 InvestorPlace Media, LLC