Rumble (NASDAQ:RUM) Shares Down 4.5% – Time to Sell?

Rumble Inc. (NASDAQ:RUM) dropped 4.5% on Tuesday . The stock traded as low as $10.36 and last traded at $10.43. Approximately 1,516,877 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 4,539,688 shares. The stock had previously closed at $10.92.

Analysts Set New Price Targets

Separately, Wedbush reiterated a “neutral” rating and set a $8.00 price target on shares of Rumble in a research report on Wednesday, November 13th.

Rumble Price Performance

The stock has a market capitalization of $3.97 billion, a PE ratio of -16.19 and a beta of 0.52. The company’s 50 day moving average price is $8.90 and its two-hundred day moving average price is $6.90.

Rumble (NASDAQ:RUM) last released its earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The business had revenue of $25.06 million during the quarter, compared to analysts’ expectations of $29.25 million. Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. During the same period last year, the business earned ($0.14) earnings per share. Analysts forecast that Rumble Inc. will post -0.62 earnings per share for the current year.

Insider Buying and Selling at Rumble

In other news, Director Robert Arsov sold 27,500 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $5.83, for a total transaction of $160,325.00. Following the completion of the transaction, the director now directly owns 12,604,837 shares in the company, valued at approximately $73,486,199.71. This represents a 0.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 114,988 shares of company stock worth $701,617 in the last three months. 72.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in Rumble by 14.5% during the third quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock worth $5,553,000 after purchasing an additional 130,956 shares during the period. Barclays PLC increased its stake in Rumble by 663.9% during the 3rd quarter. Barclays PLC now owns 13,559 shares of the company’s stock worth $72,000 after buying an additional 11,784 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Rumble by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock worth $2,564,000 after buying an additional 24,879 shares in the last quarter. MML Investors Services LLC acquired a new stake in Rumble during the 3rd quarter worth approximately $185,000. Finally, FMR LLC boosted its position in Rumble by 995.3% in the 3rd quarter. FMR LLC now owns 22,387 shares of the company’s stock valued at $120,000 after buying an additional 20,343 shares during the period. Hedge funds and other institutional investors own 26.15% of the company’s stock.

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.