Rapid7 (NASDAQ:RPD) Sees Unusually-High Trading Volume

Shares of Rapid7, Inc. (NASDAQ:RPD) saw an uptick in trading volume on Thursday . 571,786 shares changed hands during mid-day trading, a decline of 29% from the previous session’s volume of 807,195 shares.The stock last traded at $39.76 and had previously closed at $38.00.

Analysts Set New Price Targets

A number of research firms recently commented on RPD. Piper Sandler reduced their target price on Rapid7 from $56.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday. Canaccord Genuity Group reduced their target price on Rapid7 from $60.00 to $52.00 and set a “hold” rating on the stock in a research note on Wednesday. Truist Financial reduced their target price on Rapid7 from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday. Mizuho reduced their target price on Rapid7 from $62.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Stifel Nicolaus reduced their target price on Rapid7 from $63.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $52.13.

Rapid7 Price Performance

The firm has a market cap of $2.38 billion, a P/E ratio of -15.14 and a beta of 1.01. The stock’s 50 day simple moving average is $49.04 and its two-hundred day simple moving average is $52.71.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.27. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. The firm had revenue of $205.27 million for the quarter, compared to the consensus estimate of $201.52 million. Equities research analysts anticipate that Rapid7, Inc. will post 0.86 earnings per share for the current year.

Insiders Place Their Bets

In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the sale, the chief operating officer now directly owns 236,841 shares of the company’s stock, valued at $11,541,261.93. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO Andrew F. Burton sold 31,727 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the completion of the transaction, the chief operating officer now directly owns 257,494 shares in the company, valued at approximately $13,665,206.58. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Andrew F. Burton sold 20,653 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the sale, the chief operating officer now owns 236,841 shares in the company, valued at approximately $11,541,261.93. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Duality Advisers LP purchased a new stake in Rapid7 in the 4th quarter worth $235,000. Lisanti Capital Growth LLC purchased a new stake in Rapid7 in the 4th quarter worth $3,522,000. Tudor Investment Corp Et Al lifted its stake in Rapid7 by 46.5% in the 3rd quarter. Tudor Investment Corp Et Al now owns 145,102 shares of the technology company’s stock worth $6,643,000 after purchasing an additional 46,053 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Rapid7 by 34.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 42,448 shares of the technology company’s stock worth $2,424,000 after purchasing an additional 10,798 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Rapid7 by 47.8% in the 3rd quarter. Canada Pension Plan Investment Board now owns 68,300 shares of the technology company’s stock worth $3,127,000 after purchasing an additional 22,100 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

About Rapid7

Rapid7, Inc provides cybersecurity solutions under the Rapid7, Nexpose, and Metasploit brand names. The company offers endpoint to cloud data collection and sharing applications, such as Rapid7 Insight Agent, a software-based agent that is used on assets across on-premises and cloud environments to centralize and monitor data on company's platform; Rapid7 Insight Network Sensor that analyzes raw end-to-end network traffic to increase visibility into user activity, pinpoint real threats, and investigations; Rapid7 Cloud Event Data Harvesting that offers visibility into changes made to cloud resources; and third-party integrations and ecosystem, as well as orchestration and automation solutions.