Sen. David McCormick Sells Rumble Inc. (NASDAQ:RUM) Shares

Senator David McCormick (R-Pennsylvania) recently sold shares of Rumble Inc. (NASDAQ:RUM). In a filing disclosed on February 09th, the Senator disclosed that they had sold between $1,000,001 and $5,000,000 in Rumble stock on January 16th.

Rumble Price Performance

NASDAQ RUM opened at $11.17 on Wednesday. The firm’s fifty day moving average price is $11.32 and its 200 day moving average price is $7.78. Rumble Inc. has a 12 month low of $4.92 and a 12 month high of $17.40. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of -17.73 and a beta of 0.50.

Rumble (NASDAQ:RUM) last announced 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 firm 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 last year, the company earned ($0.14) earnings per share. As a group, sell-side analysts forecast that Rumble Inc. will post -0.62 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Maxim Group assumed coverage on Rumble in a report on Wednesday, January 15th. They set a “buy” rating and a $20.00 price target on the stock. Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Rumble in a research report on Wednesday, November 13th.

Insider Transactions at Rumble

In other Rumble news, CFO Brandon Alexandroff sold 6,828,420 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 $51,213,150.00. Following the sale, the chief financial officer now directly owns 64,210 shares of the company’s stock, valued at approximately $481,575. This trade represents a 99.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Tyler Hughes sold 312,727 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $7.50, for a total transaction of $2,345,452.50. Following the transaction, the chief operating officer now owns 65,127 shares in the company, 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 sold a total of 41,134,005 shares of company stock worth $308,487,045 over the last ninety days. 70.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rumble

Hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc lifted its position in shares of Rumble by 70.9% in the fourth quarter. IFP Advisors Inc now owns 2,000 shares of the company’s stock valued at $26,000 after acquiring an additional 830 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in Rumble by 50.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,933 shares of the company’s stock valued at $38,000 after purchasing an additional 980 shares during the last quarter. Virtu Financial LLC purchased a new position in Rumble in the 3rd quarter valued at about $70,000. Barclays PLC boosted its stake in shares of Rumble by 663.9% during the 3rd quarter. Barclays PLC now owns 13,559 shares of the company’s stock worth $72,000 after purchasing an additional 11,784 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in shares of Rumble during the 4th quarter worth about $78,000. 26.15% of the stock is currently owned by hedge funds and other institutional investors.

About Senator McCormick

David McCormick (Republican Party) is a member of the U.S. Senate from Pennsylvania. He assumed office on January 3, 2025. His current term ends on January 3, 2031.

McCormick (Republican Party) ran for election to the U.S. Senate to represent Pennsylvania. He won in the general election on November 5, 2024.

David McCormick was born in Washington, Pennsylvania, and lives in Pennsylvania. He served in the U.S. Army 82nd Airborne Division as a paratrooper, during which time he was deployed to the Middle East during the First Gulf War and reached the rank of Captain. McCormick received his bachelor’s degree in mechanical engineering from the United States Military Academy at West Point and his Ph.D. in international affairs from Princeton University. His professional experience includes working as the CEO of a tech startup and of Bridgewater Associates, an investment management firm, and under secretary in both the Department of Commerce and the Department of the Treasury.

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.