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Why Rapid7 Inc. (RPD) stock plummeted in the after-market on Tuesday?

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Rapid7 Inc. (RPD) shares declined 10.75% in after-market on Tuesday, June 15, 2021, and close the day at $80.2 per share. Earlier, RPD’s stock gained 0.09% to close Tuesday’s session at $89.86 per share. RPD shares have risen 85.66% over the last 12 months, and they have moved up 3.76% in the past week. Over the past three months, the stock has gained 13.00%, while over the past six months, it has added 24.03%.

Let’s have a look at its recent news.

Participation in the investor conferences

Rapid7 Inc recently participated in the Stifel 2021 Virtual Cross Sector Insight Conference. Which held on June 9, 2021, at 2:00 p.m. Eastern Time.

The company also took part in The William Blair 41st Annual Growth Stock Conference. Which held on Wednesday, June 2, 2021, at 1:40 p.m. Eastern Time.

Gartner Magic Quadrant for Application Security Testing awards

On June 01, 2021, Rapid7, Inc was recognized as a Visionary by Gartner in the 2021 Magic Quadrant for Application Security Testing. Rapid7 was recognized for its completeness of vision and ability to execute.

Recent financial results

On May 06, 2021, Rapid7, Inc released its financial results for the first quarter of 2021.

Q1 2021 financial highlights

  • Rapid7 reported total revenue of $117.45 million for Q1 2021 compared to $94.34 million in Q1 2020.
  • GAAP gross profit for Q1 2021 was $81.16 million compared to $66.63 million in Q1 2020.
  • GAAP net loss was $29.85 million in Q1 2021 compared to a $22.93 million loss in Q1 2020.
  • GAAP net loss per share, basic and diluted was $0.56 in Q1 2021 compared to $0.46 in Q1 2020.
  • Adjusted EBITDA was $5.76 million in Q1 2021 compared to $0.78 million in Q1 2020.
  • The company had a free cash flow of $17.87 million in Q1 2021 compared to $11.45 million in Q1 2020.

Acquisition of Velociraptor

On April 21, 2021, Rapid7, Inc acquired Velociraptor. Velociraptor is a leading open-source technology and community used for endpoint monitoring, digital forensics, and incident response. Rapid7 will continue to build the Velociraptor community and control its technology and insights to enhance Rapid7’s incident response capabilities.

Convertible Senior Notes Offering

On March 17, 2021, Rapid7 Inc offer $525 million 0.25% convertible senior notes due 2027 to raise $511.8 million in an upsized private institutional placement.

From the offer, Rapid7 will get gross proceeds of $183 million and plan to use $66.5 million of the proceeds to pay the costs of the capped call transactions and the remaining proceeds for general corporate purposes.

Conclusion

Well, we have no recent news which could justify RPD loss in the aftermarket on Tuesday. We hope that RPD will recover its loss on Wednesday and will perform better in the upcoming days.

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