Rubrik Stock Flat Despite New Bullish Coverage

The security is already heavily shorted

Fernanda Horner

Digital Content Manager

May 20, 2024 at 10:21 AM

RBRK

Rubrik Inc (NYSE:RBRK) stock is up 0.2% to trade at $36.63 at last check, reversing earlier losses after six firms initiated bullish coverage. Barclays and Keybanc called the equity "overweight" and set their price targets at $41 and $46, respectively, while Mizuho and Truist Securities assumed a "buy" rating.

Short sellers have built their positions as well, and the 1.24 million shares sold short make up 5.3% of RBRK's available float. Over in the options pits, 462 calls have been traded so far today, which is five times the intraday average volume. The June 40 call is the most popular contract.

The cloud management stock began trading on April 25 with an initial public offering (IPO) price of $32 per share. This level emerged as support just days later, as the shares pulled back from a peak at $40.

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