Rumble (NASDAQ:RUM) Trading 5.3% Higher – Here’s Why

Rumble Inc. (NASDAQ:RUM)’s share price traded up 5.3% during trading on Thursday . The stock traded as high as $13.67 and last traded at $13.28. 4,785,241 shares changed hands during trading, a decline of 6% from the average session volume of 5,084,666 shares. The stock had previously closed at $12.61.

Analyst Upgrades and Downgrades

RUM has been the subject of a number of recent analyst reports. Maxim Group initiated coverage on Rumble in a report on Wednesday, January 15th. They set a “buy” rating and a $20.00 price target for the company. Wedbush reaffirmed a “neutral” rating and set a $8.00 price target on shares of Rumble in a report on Wednesday, November 13th.

Rumble Stock Up 4.9 %

The company has a fifty day simple moving average of $10.02 and a two-hundred day simple moving average of $7.30. The stock has a market capitalization of $5.30 billion, a P/E ratio of -21.60 and a beta of 0.52.

Rumble (NASDAQ:RUM) last released its 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 analyst estimates of $29.25 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. During the same period in the prior year, the firm posted ($0.14) EPS. As a group, equities analysts forecast that Rumble Inc. will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In other Rumble news, Director Robert Arsov sold 27,500 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 12,604,837 shares of the company’s stock, valued at $73,486,199.71. The trade was a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 114,988 shares of company stock valued at $701,617 over the last 90 days. 70.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rumble

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in shares of Rumble by 14.5% in the third quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock valued at $5,553,000 after buying an additional 130,956 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Rumble by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock valued at $2,564,000 after buying an additional 24,879 shares during the period. MML Investors Services LLC bought a new stake in shares of Rumble in the third quarter valued at approximately $185,000. Janus Henderson Group PLC bought a new stake in shares of Rumble in the third quarter valued at approximately $184,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Rumble by 20.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company’s stock valued at $166,000 after buying an additional 5,348 shares during the period. Institutional investors and hedge funds 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.