Rumble (NASDAQ:RUM) Coverage Initiated at Maxim Group

Maxim Group started coverage on shares of Rumble (NASDAQ:RUM) in a research note released on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $20.00 price objective on the stock.

Separately, Wedbush reiterated a “neutral” rating and set a $8.00 target price on shares of Rumble in a report on Wednesday, November 13th.

Rumble Stock Up 6.6 %

NASDAQ RUM opened at $10.88 on Wednesday. The company has a 50-day simple moving average of $8.99 and a two-hundred day simple moving average of $6.93. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of -17.27 and a beta of 0.52. Rumble has a 12-month low of $3.37 and a 12-month high of $17.40.

Rumble (NASDAQ:RUM) last posted its earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The firm had revenue of $25.06 million for the quarter, compared to analysts’ expectations of $29.25 million. Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. During the same quarter in the prior year, the company posted ($0.14) earnings per share. Equities analysts expect that Rumble 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 firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $5.69, for a total value of $156,475.00. Following the completion of the sale, the director now directly owns 12,577,337 shares in the company, valued at $71,565,047.53. This trade represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold 114,988 shares of company stock worth $701,617 over the last three months. Company insiders own 72.90% of the company’s stock.

Institutional Trading of Rumble

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new position in shares of Rumble during the second quarter valued at approximately $66,000. Virtu Financial LLC bought a new position in shares of Rumble during the third quarter valued at approximately $70,000. Barclays PLC increased its stake in shares of Rumble by 663.9% during the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock valued at $72,000 after purchasing an additional 11,784 shares in the last quarter. RIA Advisory Group LLC bought a new position in shares of Rumble during the third quarter valued at approximately $81,000. Finally, Arizona State Retirement System bought a new position in shares of Rumble during the second quarter valued at approximately $91,000. 26.15% of the stock is currently owned by hedge funds and other 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.