The Rubicon Project: A Gem Mispriced In The Ad-Tech Space
Alpha Gen Capital
Alpha Gen Capital
The Rubicon Project: Healthy Operations, Strong Balance Sheet, C&CE To Drive Expansion
Dallas Salazar • 10 Comments
Dallas Salazar • 10 Comments
Thu, May 26, 3:00 PM
Thu, May 26, 11:07 AM
- Rubicon Project (NYSE:RUBI) is continuing a slide from last night's postmarket, now down 10.6% after news that the company's CFO was departing for another job.
- The company also reiterated is guidance for Q2 and the full year, after it spoke yesterday at the B. Riley investor conference.
- Earlier this month, the company forecast Q2 EPS of $0.08-$0.10 (vs. consensus for $0.10) and revenues of $61M-$64M (vs. $63.6M consensus). For the full year, it sees EPS of $0.75-$0.85, light of consensus for $0.90, and revenues of $275M-$295M vs. consensus for $295.3M.
- Audio of Rubicon Project fireside chat
Wed, May 25, 5:45 PM
- Rubicon Project (RUBI +1.6%) says Chief Financial Officer Todd Tappin has resigned, in order to become president of another company.
- Shares have fallen 4% after hours.
- Rubicon Project's chief accounting officer, David Day, is taking over on an interim basis while the company looks for a permanent CFO.
- Tappin will remain a strategic adviser to Rubicon Project. Day, who joined the company in 2013, was previously chief accounting officer at ReachLocal as well as serving as senior VP of Finance at Overture.
Wed, May 25, 5:39 PM
Wed, May 4, 12:50 PM
Wed, May 4, 9:10 AM
Tue, May 3, 4:10 PM
Tue, Apr. 5, 1:10 PM
- The Rubicon Project (NYSE:RUBI) is bucking a down market today, up 1.7% as Cantor Fitzgerald launches coverage with a Buy rating.
- The firm set a $22 price target, implying 15.8% upside from today's $19 price. B. Riley also reiterated its Buy rating and a $26 price target (37% upside).
- Rubicon Project is differentiating itself from larger competitors with premium programmatic offerings, analyst Youssef Squali writes, where the company can exploit a growing market opportunity ($3.7B market in global direct order spend in 2015, expected to grow at a compound annual rate of 74% through 2019).
- Now read Rubicon: Proving Critics Wrong, Ready To Stand Against Google And Facebook »
Wed, Feb. 24, 7:07 PM
- NBCUniversal (CMCSA +1.5%) has rolled out programmatic advertising for its "linear" broadcast and cable TV inventory, in what it's calling a first.
- Clients will use their own data and demand-side platforms of choice and compare against NBCU inventory to build their media plans, including ads on "regular" (non-digital) shows broadcasting on NBC, or USA Network or Syfy.
- It's not quite real-time bidding a la digital ads, though. It will still be sold in upfronts (as NBCUx is added to NBCU's upfront sales) or up to a week ahead of time, rather than via auctions. NBCU says this fall advertisers will be able to buy on a daily basis.
- Banner ad prices plunged when automated bidding hit the market, but NBCU's Krishan Bhatia says the lack of real-time bidding will give the company a bit more control over pricing.
- Ad-tech players soared today after some strong earnings reports: RUBI +17.8% after doubling revenue yesterday; FUEL up 4% today and up 19.8% after hours following its beat; TUBE +6.5%; CRTO +0.2%. After hours, CMCSA -0.7%.
Tue, Feb. 23, 4:48 PM
- The Rubicon Project (NYSE:RUBI) has picked up 6.1% after hours on a Q4 earnings report where it doubled revenues and boosted EPS by 188%.
- Non-GAAP revenue of $83.7M beat expectations and doubled up last year's $41.8M. Managed revenue of $336M was up 55%; its corresponding take rate of 24.9% was up from the prior year's 19.3%.
- For the full year, managed revenue was $1B (up 50% Y/Y) against a take rate of 22.6% (up from 18.8% on a higher mix of RTB managed revenue and buyer cloud transactions and a lower mix of static bidding managed revenue). Paid impressions were 920B and average CPM was $1.09, up from the prior year's $0.67.
- The company's guiding to Q1 non-GAAP net revenue of $58M-$60M (vs. an expected $60.7M), EBITDA of $4.5M-$5.5M (light of expected $5.95M) and EPS of $0.00-$0.02 (vs. consensus for $0.06). For full 2016, it's forecasting non-GAAP net revenue of $275M-$295M (vs. expected $297M), and EBITDA of $45M-$60M and EPS of $0.65-$0.78 (both in line).
- Press Release
Fri, Jan. 29, 7:03 PM
- Video ad specialist Adaptive Medias (OTCQB:ADTM -8.6%) has received an acquisition bid, Barron's reports, from private AdSupply, with whom it entered a strategic partnership last week.
- AdSupply has offered $35M -- about $1.50 a share, a ten-bagger premium over the current price of $0.144 -- in a letter to Adaptive's board.
- The company will form a committee to review the deal and Adaptive CEO John Strong says they'll do their fiduciary duty to check all options.
- AdSupply chief Justin Bunnell said companies in the ad-tech space (particularly sometime candidates Rubicon Project (NYSE:RUBI), Rocket Fuel (NASDAQ:FUEL) and Criteo (NASDAQ:CRTO)) should be ready for what might be a wave of acquisitions with stock prices lower than before and "as companies prepare for the next round of competition."
- Previously: Adaptive Medias in marketplace partnership with AdSupply (Jan. 21 2016)
Mon, Jan. 25, 10:04 AM
- The Rubicon Project (RUBI -1.8%) has entered into a new strategic alliance on programmatic TV advertising with AdMore, which runs the country's largest independently owned automated TV ad platform.
- Rubicon Project's Guaranteed Orders platform will power the automation tech for AdMore's more than 1,700 TV affiliates, reaching more than 100M homes. The move means advertisers can buy targeted linear TV audiences, but in an automated guaranteed environment.
- Previously: Zynga, Rubicon Project team up on premium programmatic buying (Jan. 05 2016)
Nov. 2, 2015, 3:21 PM
- The Rubicon Project (NYSE:RUBI) is up 4.2% today after B. Riley reiterated its Buy rating on the stock.
- The analysts hold a $26 price target on the shares; they closed Friday at $15.16 and are currently trading at $15.80, implying a solid 65% upside from current prices.
- Earlier today, Rubicon Project said it had been chosen to power automation technology for Adspace Networks and Captivate, two of North America's leading out-of-home video networks with 70M and 10M unique viewers each month respectively.
- The companies will use Rubicon Project's Orders platform to package and sell ads. Out-of-home video advertising, such as in the malls, elevators and lobby displays that the two firms target, is expected to grow to a near-$11B market in the U.S. and $45B globally by PricewaterhouseCoopers over the next four years.
Oct. 27, 2015, 4:19 PM
- Rubicon Project (RUBI +2.1%) has gained 2.2% after hours following record Q3 results and an 80% gain in revenues.
- Non-GAAP earnings quadrupled, and EBITDA of $12.6M (up 163%) easily beat expectations for $6.1M. GAAP revenues were $64.3M; non-GAAP revenue was $57.9M and up 80%.
- It's got cash and liquid assets of $108.1M against no debt.
- The company is guiding to the high side of earnings expectations, seeing EPS of $0.32-$0.34 for Q4 (vs. an expected $0.32) and of $0.64-$0.66 for the full year (vs. consensus of $0.46). It's given an initial outlook for 2016 of GAAP revenue of $315M-$355M (in line) and for non-GAAP EPS of $0.65-$0.78 (above an expected $0.49).
- Conference call to come at 4:30 p.m. ET.
Jul. 29, 2015, 12:45 PM
Jul. 28, 2015, 5:35 PM
The Rubicon Project, Inc. is a technology company, which is on a mission to automate the buying and selling of advertising. Its advertising automation cloud is a highly scalable software platform that powers and optimizes a marketplace for the real time trading of digital advertising between... More
Industry: Application Software
Country: United States
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