Rumble Inc. (NASDAQ:RUM – Get Free Report) shares rose 3.6% on Tuesday . The stock traded as high as $5.91 and last traded at $5.81. Approximately 349,807 shares traded hands during trading, a decline of 88% from the average daily volume of 2,986,153 shares. The stock had previously closed at $5.61.
Wall Street Analysts Forecast Growth
Separately, Wedbush reissued a “neutral” rating and set a $8.00 price objective on shares of Rumble in a research note on Tuesday, August 13th.
Read Our Latest Stock Report on RUM
Rumble Price Performance
Rumble (NASDAQ:RUM – Get Free Report) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.03). The business had revenue of $22.47 million for the quarter, compared to analysts’ expectations of $19.69 million. Rumble had a negative net margin of 163.37% and a negative return on equity of 54.31%. On average, sell-side analysts forecast that Rumble Inc. will post -0.55 earnings per share for the current fiscal year.
Insider Buying and Selling at Rumble
In other Rumble news, Director Robert Arsov sold 27,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $5.87, for a total value of $161,425.00. Following the completion of the sale, the director now directly owns 14,879,837 shares in the company, valued at $87,344,643.19. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 167,500 shares of company stock valued at $936,825. 72.90% of the stock is currently owned by company insiders.
Institutional Trading of Rumble
Hedge funds have recently made changes to their positions in the stock. Total Clarity Wealth Management Inc. purchased a new position in shares of Rumble during the second quarter valued at approximately $161,000. Redwood Wealth Management Group LLC bought a new stake in Rumble during the second quarter valued at about $30,000. Arizona State Retirement System bought a new position in shares of Rumble in the second quarter worth about $91,000. Solano Wealth Management Inc. bought a new stake in shares of Rumble during the second quarter valued at approximately $83,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Rumble in the 2nd quarter valued at $142,000. 26.15% of the stock is owned by institutional investors.
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.
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