Rumble (NASDAQ:RUM) Trading Down 4.5% – Should You Sell?

Rumble Inc. (NASDAQ:RUM) dropped 4.5% during trading on Monday . The stock traded as low as $7.23 and last traded at $7.24. Approximately 655,747 shares changed hands during trading, a decline of 78% from the average daily volume of 3,043,534 shares. The stock had previously closed at $7.58.

Wall Street Analysts Forecast Growth

RUM has been the topic of several recent research reports. Maxim Group began coverage on shares of Rumble in a research report on Wednesday, January 15th. They set a “buy” rating and a $20.00 target price on the stock. Wedbush dropped their price objective on shares of Rumble from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, March 26th.

Rumble Stock Performance

The business has a 50 day moving average of $9.00 and a 200-day moving average of $8.70. The company has a market capitalization of $3.22 billion, a P/E ratio of -11.78 and a beta of 0.70.

Rumble (NASDAQ:RUM) last announced its quarterly earnings data on Tuesday, March 25th. The company reported ($1.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($1.02). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The business had revenue of $30.20 million during the quarter, compared to the consensus estimate of $29.74 million. The business’s revenue for the quarter was up 48.0% on a year-over-year basis. As a group, equities analysts forecast that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Brandon Alexandroff sold 6,828,420 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 $51,213,150.00. Following the completion of the sale, the chief financial officer now owns 64,210 shares in the company, valued at approximately $481,575. This trade represents a 99.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ryan Milnes sold 24,978,210 shares of Rumble stock in a transaction on Friday, February 7th. The shares were sold at an average price of $7.50, for a total transaction of $187,336,575.00. Following the completion of the sale, the director now owns 57,290 shares in the company, valued at approximately $429,675. This represents a 99.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,104,017 shares of company stock valued at $308,280,128. Insiders own 70.10% of the company’s stock.

Institutional Investors Weigh In On Rumble

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted its holdings in Rumble by 70.9% during the 4th quarter. IFP Advisors Inc now owns 2,000 shares of the company’s stock valued at $26,000 after buying an additional 830 shares in the last quarter. Coppell Advisory Solutions LLC acquired a new stake in Rumble in the fourth quarter valued at approximately $35,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Rumble by 50.2% during 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. Measured Risk Portfolios Inc. acquired a new stake in Rumble in the fourth quarter worth about $65,000. Finally, Virtu Financial LLC acquired a new stake in Rumble in the 3rd quarter worth approximately $70,000. 26.15% of the stock is currently owned by hedge funds and other institutional investors.

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.