Insider Selling: Rumble Inc. (NASDAQ:RUM) CTO Sells 3,817,165 Shares of Stock

Rumble Inc. (NASDAQ:RUM) CTO Wojciech Hlibowicki sold 3,817,165 shares of Rumble stock in a transaction on Friday, February 7th. The stock was sold at an average price of $7.50, for a total transaction of $28,628,737.50. Following the sale, the chief technology officer now directly owns 4,592 shares in the company, valued at approximately $34,440. This trade represents a 99.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Rumble Stock Performance

NASDAQ RUM opened at $10.79 on Thursday. The stock’s fifty day moving average is $11.41 and its two-hundred day moving average is $7.82. The firm has a market capitalization of $4.21 billion, a P/E ratio of -17.13 and a beta of 0.50. Rumble Inc. has a fifty-two week low of $4.92 and a fifty-two week high of $17.40.

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

Hedge Funds Weigh In On Rumble

A number of hedge funds have recently modified their holdings of RUM. Vanguard Group Inc. lifted its position in Rumble by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 7,972,575 shares of the company’s stock valued at $103,723,000 after buying an additional 229,294 shares during the last quarter. Arete Wealth Advisors LLC purchased a new stake in shares of Rumble in the 4th quarter valued at approximately $2,540,000. Geode Capital Management LLC lifted its holdings in shares of Rumble by 14.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock worth $5,553,000 after acquiring an additional 130,956 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Rumble during the 4th quarter worth approximately $468,000. Finally, MML Investors Services LLC acquired a new stake in Rumble in the 3rd quarter valued at approximately $185,000. 26.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RUM has been the topic of several research reports. Wedbush reissued a “neutral” rating and issued a $8.00 price target on shares of Rumble in a research note on Wednesday, November 13th. Maxim Group began coverage on shares of Rumble in a research note on Wednesday, January 15th. They issued a “buy” rating and a $20.00 target price on the stock.

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.