Rumble (NASDAQ:RUM) Shares Gap Up – Here’s Why

Rumble Inc. (NASDAQ:RUM)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $11.52, but opened at $12.03. Rumble shares last traded at $11.89, with a volume of 846,879 shares traded.

Analysts Set New Price Targets

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

Rumble Price Performance

The business’s fifty day moving average price is $11.82 and its 200-day moving average price is $8.02. The stock has a market capitalization of $4.33 billion, a PE ratio of -17.65 and a beta of 0.50.

Insiders Place Their Bets

In related news, Director Robert Arsov sold 29,988 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $6.90, for a total value of $206,917.20. Following the transaction, the director now directly owns 12,487,349 shares in the company, valued at approximately $86,162,708.10. This represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Tyler Hughes sold 312,727 shares of Rumble stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $7.50, for a total transaction of $2,345,452.50. Following the sale, the chief operating officer now owns 65,127 shares of the company’s stock, valued at approximately $488,452.50. The trade was a 82.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,134,005 shares of company stock worth $308,487,045 in the last three months. 70.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Rumble

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Rumble by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 7,972,575 shares of the company’s stock valued at $103,723,000 after acquiring an additional 229,294 shares during the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Rumble by 9,234.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,351,803 shares of the company’s stock valued at $17,587,000 after purchasing an additional 1,337,321 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Rumble by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,041,044 shares of the company’s stock valued at $13,550,000 after buying an additional 5,326 shares in the last quarter. Millennium Management LLC lifted its position in Rumble by 287.7% in the 4th quarter. Millennium Management LLC now owns 781,747 shares of the company’s stock worth $10,171,000 after buying an additional 580,105 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in Rumble by 2.8% during the fourth quarter. Ameriprise Financial Inc. now owns 638,316 shares of the company’s stock valued at $8,304,000 after acquiring an additional 17,100 shares during the last quarter. 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.