Rapid7 Inc (NASDAQ:RPD) Short Interest Up 35.3% in August

Rapid7 Inc (NASDAQ:RPD) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 2,415,585 shares, a growth of 35.3% from the August 15th total of 1,784,717 shares. Based on an average trading volume of 544,158 shares, the days-to-cover ratio is presently 4.4 days. Approximately 6.7% of the shares of the company are short sold.

RPD has been the subject of several recent analyst reports. Monness Crespi & Hardt upped their price objective on Rapid7 from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Stifel Nicolaus upped their price objective on Rapid7 from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Royal Bank of Canada reiterated a “buy” rating and issued a $40.00 target price on shares of Rapid7 in a research report on Tuesday, August 7th. BidaskClub downgraded Rapid7 from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 31st. Finally, Needham & Company LLC increased their target price on Rapid7 from $37.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, September 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Rapid7 currently has a consensus rating of “Buy” and an average target price of $34.07.

In other news, insider Vii Lp Tcv sold 182,600 shares of the stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $37.96, for a total transaction of $6,931,496.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Jeffrey Kalowski sold 20,000 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $32.65, for a total value of $653,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 265,732 shares of company stock worth $9,833,222 over the last three months. 25.60% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its stake in Rapid7 by 64.5% during the second quarter. BlackRock Inc. now owns 2,557,393 shares of the technology company’s stock worth $72,171,000 after purchasing an additional 1,002,292 shares during the period. Legal & General Group Plc grew its stake in Rapid7 by 14,618.1% during the first quarter. Legal & General Group Plc now owns 796,985 shares of the technology company’s stock worth $20,379,000 after purchasing an additional 791,570 shares during the period. Emerald Advisers Inc. PA acquired a new stake in Rapid7 during the second quarter worth approximately $22,119,000. Loomis Sayles & Co. L P acquired a new stake in Rapid7 during the first quarter worth approximately $19,486,000. Finally, Federated Investors Inc. PA grew its stake in Rapid7 by 173.7% during the first quarter. Federated Investors Inc. PA now owns 1,103,000 shares of the technology company’s stock worth $28,204,000 after purchasing an additional 700,000 shares during the period. 77.91% of the stock is owned by institutional investors.

Shares of RPD stock traded down $1.06 on Monday, hitting $35.50. The company had a trading volume of 551,700 shares, compared to its average volume of 468,626. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -34.19 and a beta of 1.13. Rapid7 has a twelve month low of $17.26 and a twelve month high of $39.40.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Monday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.05. The company had revenue of $58.40 million during the quarter, compared to analysts’ expectations of $55.14 million. Rapid7 had a negative return on equity of 105.43% and a negative net margin of 24.40%. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.14) earnings per share. As a group, equities analysts forecast that Rapid7 will post -1.01 earnings per share for the current year.

Rapid7 Company Profile

Rapid7, Inc provides analytics solutions for security and information (IT) operations. Its vulnerability management solutions include InsightVM and Nexpose, which enables customers to assess and remediate their overall exposure to cyber risk; InsightAppSec, an insight platform based solution; AppSpider, an application security testing solution; and Metasploit, a penetration testing software solution.

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