Rumble (NASDAQ:RUM) Stock Price Down 9.3% – Here’s Why

Rumble Inc. (NASDAQ:RUM)’s stock price was down 9.3% during trading on Wednesday . The company traded as low as $11.91 and last traded at $12.04. Approximately 1,611,318 shares traded hands during trading, a decline of 64% from the average daily volume of 4,460,772 shares. The stock had previously closed at $13.28.

Analyst Ratings Changes

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

Rumble Price Performance

The stock’s fifty day simple moving average is $8.70 and its 200-day simple moving average is $6.81. The firm has a market cap of $4.27 billion, a PE ratio of -17.40 and a beta of 0.52.

Rumble (NASDAQ:RUM) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company 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 in the prior year, the business posted ($0.14) EPS. Analysts expect that Rumble Inc. will post -0.62 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Robert Arsov sold 27,500 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $5.69, for a total transaction of $156,475.00. Following the completion of the transaction, the director now owns 12,577,337 shares of the company’s stock, valued at $71,565,047.53. This trade represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 114,988 shares of company stock valued at $701,617 over the last 90 days. Insiders own 72.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Redwood Wealth Management Group LLC acquired a new stake in Rumble during the second quarter valued at $30,000. Bank of New York Mellon Corp acquired a new stake in Rumble during the second quarter valued at $66,000. Virtu Financial LLC acquired a new stake in Rumble during the third quarter valued at $70,000. Barclays PLC grew its position in Rumble by 663.9% during the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock valued at $72,000 after buying an additional 11,784 shares during the period. Finally, RIA Advisory Group LLC acquired a new stake in Rumble during the third quarter valued at $81,000. Hedge funds and other institutional investors own 26.15% of the company’s stock.

Rumble Company Profile

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.