Rumble (NASDAQ:RUM) Trading Down 7.9% – Here’s What Happened

Rumble Inc. (NASDAQ:RUM)’s stock price fell 7.9% during mid-day trading on Tuesday . The stock traded as low as $12.31 and last traded at $11.88. 1,053,082 shares changed hands during trading, a decline of 78% from the average session volume of 4,751,232 shares. The stock had previously closed at $12.90.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RUM. Wedbush restated a “neutral” rating and issued a $8.00 target price on shares of Rumble in a research note on Wednesday, November 13th. Maxim Group initiated coverage on shares of Rumble in a report on Wednesday, January 15th. They set a “buy” rating and a $20.00 price objective for the company.

Rumble Stock Up 2.9 %

The firm has a market cap of $5.06 billion, a P/E ratio of -20.60 and a beta of 0.52. The firm has a fifty day moving average of $9.72 and a 200-day moving average of $7.21.

Rumble (NASDAQ:RUM) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The business had revenue of $25.06 million during the quarter, compared to analyst estimates of $29.25 million. During the same quarter in the prior year, the company earned ($0.14) earnings per share. Sell-side analysts anticipate that Rumble Inc. will post -0.62 EPS for the current year.

Insider Buying and Selling

In other Rumble news, Director Robert Arsov sold 27,500 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $5.69, for a total value of $156,475.00. Following the completion of the transaction, the director now directly owns 12,577,337 shares of the company’s stock, valued at approximately $71,565,047.53. The trade was a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 114,988 shares of company stock valued at $701,617 in the last 90 days. 70.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Rumble

A number of hedge funds and other institutional investors have recently made changes to their positions in RUM. Bank of New York Mellon Corp bought a new stake in Rumble in the 2nd quarter valued at approximately $66,000. Virtu Financial LLC acquired a new stake in shares of Rumble in the third quarter valued at approximately $70,000. Barclays PLC lifted its position in shares of Rumble by 663.9% in the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock worth $72,000 after purchasing an additional 11,784 shares in the last quarter. RIA Advisory Group LLC acquired a new position in Rumble during the third quarter worth $81,000. Finally, Cypress Point Wealth Management LLC bought a new position in Rumble in the third quarter valued at $98,000. 26.15% of the stock is currently owned by institutional investors and hedge funds.

About Rumble

Rumble Inc operates video sharing platforms in the United States, Canada, and internationally. The company operates rumble.com, a free-to-use video sharing and livestreaming platform where users can subscribe to channels to stay in touch with creators, and access video on-demand (VOD) and live content streamed by creators.