Palantir Is Giving Rubicon Technologies (RBT) Stock a Huge Boost

Source: Poetra.RH /

Rubicon Technologies (NYSE:RBT) stock is on the rise Tuesday as investors react to positive news from Palantir (NYSE:PLTR).

The big news here is Palantir increasing its stake in RBT stock. Palantir recently purchased around 6 million additional shares of the company’s stock. This has its total stake in RBT climbing to 6.2%, or 14.63 million shares.

Investors will note that Palantir previously held a larger stake in Rubicon Technologies. The company’s holdings used to amount to more than a 10% stake in RBT stock. However, that stake was diluted as Rubicon Technologies increased its outstanding shares through stock sales.

Another thing that investors will note is that Rubicon Technologies and Palantir also have a working relationship. Palantir offerings data management services and Rubicon Technologies is a digital marketplace for waste and recycling services. Rubicon Technologies is one of Palantir’s customers.

RBT Stock Movement Today

Following news of Palantir increasing its stake in Rubicon Technologies, the company’s shares are seeing heavy trading on Tuesday. As of this writing, more than 7.4 million shares of the company’s stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 805,000 shares.

RBT stock is up 9.7% and PLTR stock is largely unmoved as of Tuesday morning. However, RBT is down 76% year-to-date and PLTR stock is up 173% since the start of the year.

Investors looking for more of the most recent stock market news will want to keep reading!

InvestorPlace is home to all of the hottest stock market stories that traders will want to read about on Tuesday! Among that is what’s moving shares of PLTR, Pinterest (NYSE:PINS), and Teladoc (NYSE:TDOC) stock today. All of that news is ready to go at the following links!

More Stock Market News For Tuesday

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 Publishing Guidelines.

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’s writers disclose this fact and warn readers of the risks. 

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

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