Rumble (NASDAQ:RUM) Trading Down 4.5% – Here’s What Happened

Rumble Inc. (NASDAQ:RUM) traded down 4.5% during mid-day trading on Wednesday . The stock traded as low as $7.74 and last traded at $7.78. 518,365 shares were traded during trading, a decline of 84% from the average session volume of 3,165,872 shares. The stock had previously closed at $8.15.

Analysts Set New Price Targets

Separately, Wedbush reissued a “neutral” rating and issued a $8.00 target price on shares of Rumble in a research note on Wednesday, November 13th.

Rumble Stock Performance

The business has a 50 day simple moving average of $6.14 and a 200-day simple moving average of $5.98. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of -12.94 and a beta of 0.81.

Rumble (NASDAQ:RUM) last posted its earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The business had revenue of $25.06 million for the quarter, compared to analyst estimates of $29.25 million. During the same period last year, the business earned ($0.14) EPS. Equities analysts predict that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rumble news, Director Robert Arsov sold 27,500 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $5.12, for a total transaction of $140,800.00. Following the transaction, the director now directly owns 12,659,837 shares in the company, valued at $64,818,365.44. This represents a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 169,988 shares of company stock valued at $986,517 over the last 90 days. 72.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rumble

Several institutional investors and hedge funds have recently modified their holdings of the company. Redwood Wealth Management Group LLC purchased a new stake in Rumble during the 2nd quarter worth approximately $30,000. Bank of New York Mellon Corp acquired a new stake in shares of Rumble in the second quarter valued at $66,000. SG Americas Securities LLC purchased a new position in Rumble in the second quarter valued at $67,000. Virtu Financial LLC acquired a new position in Rumble during the 3rd quarter worth $70,000. Finally, Barclays PLC increased its holdings in 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 period. Hedge funds and other institutional investors own 26.15% of the company’s stock.

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.