Israeli cybersecurity specialist Hub Cyber Security (NASDAQ:HUBC) was on top of the world for a while. Its stock was climbing rapidly after going public back on March 1. Then it picked up a new member for its security advisory team, and that’s when all hell broke loose. Hub’s investors sent it plunging over 13% in Tuesday afternoon’s trading.
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Hub’s latest member was none other than John C. Rogers, former United States Department of Defense Deputy Assistant Secretary for legislative affairs. He also served as Principal Deputy Assistant with the DoD and was CEO of a mobility company.
Rogers was brought on board specifically to offer help with Hub’s work in confidential computing. He’ll also offer both strategic advice and general guidance along the way. Why this should prompt a major stock loss is unclear at best, although this is likely the result of profit-taking.
Taking a look at the last five days, though, makes it clear that the last major run-up was a temporary effect at best. There was a run-up on March 17 which began to slide on March 20. A couple of rallies emerged, but they weren’t enough to halt the fall to back around $2 per share, where HUBC stock seems to have found a floor.
