The Rubicon Project’s (RUBI) Hold Rating Reiterated at Cantor Fitzgerald
“4Q16 results beat very low hurdle. RUBI reported non-GAAP net revenue of $66.9M (-20.1% Y/Y), 4.5% above FactSet consensus of $64.0M, reflecting continued challenges in desktop display/header bidding, and in the context of a low hurdle to clear. EBITDA of $21.6M (32.2% margin) and adjusted EPS of $0.37 were 42%/148% above respective consensus estimates of $15.2M/$0.15. Advertising spend declines due to further deterioration in desktop and mobile web. Advertising spend decreased 18% Y/Y to $277.1M (-11% ex. static and intent marketing solutions), primarily due to a 23% decline in desktop spend (64% of total spend) and a 5% reduction in mobile spend (primarily driven by mobile web). However, this was slightly better than our $263.5M estimate. Management will no longer provide ad spend details for Orders vs. RTB. Disappointing 1Q17 guidance reflects a continuation of these trends. Due to continued deterioration in desktop display and legacy mobile web, management’s 1Q17 guidance came in well-below the Street. For 1Q17, management guided to net revenue of $41-44M (vs. cons. $54.0M), adj EBITDA of ($6-4M) (vs. cons. $9.6M), and adj EPS of ($0.26-0.22) (vs. cons. $0.09).”,” the firm’s analyst wrote.
A number of other analysts have also recently issued reports on RUBI. B. Riley cut shares of The Rubicon Project from a buy rating to a neutral rating and set a $7.50 price objective for the company. in a research note on Monday, March 13th. Craig Hallum cut shares of The Rubicon Project from a buy rating to a hold rating and set a $8.00 price objective for the company. in a research note on Wednesday, March 15th. Needham & Company LLC reissued a hold rating on shares of The Rubicon Project in a research note on Wednesday, March 15th. TheStreet raised shares of The Rubicon Project from a d rating to a c rating in a research note on Friday, March 3rd. Finally, Royal Bank of Canada cut their target price on shares of The Rubicon Project from $12.00 to $7.00 and set a sector perform rating for the company in a research note on Wednesday, March 15th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $10.80.
Shares of The Rubicon Project (NYSE:RUBI) opened at 5.70 on Wednesday. The firm has a 50-day moving average of $8.25 and a 200 day moving average of $8.08. The company’s market capitalization is $273.89 million. The Rubicon Project has a 1-year low of $5.65 and a 1-year high of $20.37.
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Several institutional investors have recently modified their holdings of the company. Lucus Advisors LLC acquired a new position in shares of The Rubicon Project during the third quarter worth approximately $392,000. Alps Advisors Inc. boosted its position in shares of The Rubicon Project by 102.9% in the third quarter. Alps Advisors Inc. now owns 49,624 shares of the company’s stock worth $411,000 after buying an additional 25,163 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of The Rubicon Project by 206.2% in the third quarter. Nordea Investment Management AB now owns 131,745 shares of the company’s stock worth $1,091,000 after buying an additional 88,721 shares during the last quarter. Virginia Retirement Systems ET AL boosted its position in shares of The Rubicon Project by 56.3% in the third quarter. Virginia Retirement Systems ET AL now owns 27,500 shares of the company’s stock worth $228,000 after buying an additional 9,900 shares during the last quarter. Finally, Peregrine Capital Management LLC acquired a new position in shares of The Rubicon Project during the third quarter worth approximately $9,632,000. 59.20% of the stock is owned by institutional investors and hedge funds.
The Rubicon Project Company Profile
The Rubicon Project, Inc offers a technology solution to automate the purchase and sale of advertising for both buyers and sellers. The Company’s solution enables buyers and sellers to purchase and sell a range of advertising units, including display and video, utilizing various inventory types, including direct sale of inventory, real-time bidding (RTB) and static bidding, across digital channels, including mobile Web, mobile application and desktop, as well as across various out of home channels, such as digital billboards.
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