Rumble (NASDAQ:RUM) Stock Price Down 7.4% – What’s Next?

Rumble Inc. (NASDAQ:RUM) shares were down 7.4% on Thursday . The company traded as low as $7.62 and last traded at $7.60. Approximately 1,260,917 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 3,668,940 shares. The stock had previously closed at $8.21.

Analyst Ratings Changes

Separately, 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 target on the stock.

Rumble Stock Up 6.1 %

The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of -12.75 and a beta of 0.56. The firm has a 50-day moving average of $11.02 and a two-hundred day moving average of $8.34.

Insider Transactions at Rumble

In other Rumble news, CTO Wojciech Hlibowicki sold 3,817,165 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $28,628,737.50. Following the transaction, the chief technology officer now owns 4,592 shares in the company, valued at $34,440. The trade was a 99.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Tyler Hughes sold 312,727 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $2,345,452.50. Following the sale, the chief operating officer now directly owns 65,127 shares of the company’s stock, valued at $488,452.50. This trade represents a 82.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,104,017 shares of company stock valued at $308,280,128 over the last three months. 70.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rumble

Several large investors have recently bought and sold shares of RUM. RIA Advisory Group LLC bought a new position in shares of Rumble in the third quarter valued at about $81,000. Charles Schwab Investment Management Inc. boosted its position in shares of Rumble by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock worth $2,564,000 after purchasing an additional 24,879 shares in the last quarter. FMR LLC raised its position in shares of Rumble by 995.3% during the third quarter. FMR LLC now owns 22,387 shares of the company’s stock worth $120,000 after purchasing an additional 20,343 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Rumble by 20.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company’s stock valued at $166,000 after acquiring an additional 5,348 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in Rumble during the 3rd quarter worth approximately $184,000. 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.