Rubicon Technologiesstock is climbing 32.79% higher on Wednesday despite a lack of news from the waste recycling digital marketplace company. It has surged 65% in 3 days.
There’s been no new press releases or filings with the Securities and Exchange Commission (SEC) that explain why shares of RBT stock are up today. Likewise, no analysts are offering new coverage of the stock that would result in today’s rally.
However, investors will note that shares of RBT stock are seeing heavy trading today. As of this writing, more than 4.2 million shares of the company’s stock have changed hands. That’s already well above its daily average trading volume of around 2.9 million shares.
One thing investors will want to keep in mind about this is RBT stock’s price. The company’s shares traded for $1.22 when markets closed on Tuesday. That low entry price may be allowing retail investors to pump up shares without clear news.
Palantir Technologies Inc. purchased around 6 million additional shares of the company’s stock. This has its total stake in Rubicon Technologies, Inc. climbing to 6.2%, or 14.63 million shares.
What Is RBT Stock All About?
Rubicon Technologies operates a digital marketplace for waste recycling services. The company also supports waste recycling businesses, governments, and other organizations, with its cloud services.
Rubicon Technologies was founded in 2008 and operates out of Lexington, Ken. The company went public last year through a special purpose acquisition company (SPAC) merger. It currently has around 434 employees.
