RumbleOn, Inc. (NASDAQ:RMBL) Short Interest Down 19.6% in May

RumbleOn, Inc. (NASDAQ:RMBL) was the recipient of a significant drop in short interest during the month of May. As of May 31st, there was short interest totalling 655,800 shares, a drop of 19.6% from the May 15th total of 815,500 shares. Based on an average daily trading volume, of 152,600 shares, the days-to-cover ratio is currently 4.3 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. grew its stake in shares of RumbleOn by 10.7% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 25,119 shares of the company’s stock worth $154,000 after acquiring an additional 2,430 shares during the period. Empowered Funds LLC boosted its position in RumbleOn by 8.1% during the first quarter. Empowered Funds LLC now owns 58,300 shares of the company’s stock worth $377,000 after purchasing an additional 4,375 shares during the period. Cannon Global Investment Management LLC purchased a new position in shares of RumbleOn in the first quarter worth about $65,000. Virtu Financial LLC bought a new stake in shares of RumbleOn in the first quarter valued at approximately $90,000. Finally, Barclays PLC purchased a new stake in shares of RumbleOn during the 3rd quarter valued at approximately $112,000. 66.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on RMBL shares. Wedbush reissued an “outperform” rating and set a $7.00 price objective on shares of RumbleOn in a report on Thursday, May 9th. B. Riley restated a “buy” rating and set a $13.00 price objective (up from $11.00) on shares of RumbleOn in a research note on Friday, March 15th. Finally, DA Davidson reduced their target price on shares of RumbleOn from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, March 15th.

RumbleOn Stock Performance

Shares of RMBL traded down $0.22 on Friday, reaching $5.18. 219,550 shares of the company’s stock traded hands, compared to its average volume of 81,398. The stock’s 50 day simple moving average is $5.59 and its two-hundred day simple moving average is $6.47. The stock has a market cap of $182.65 million, a PE ratio of -0.52 and a beta of 2.11. RumbleOn has a 52-week low of $4.82 and a 52-week high of $12.85. The company has a current ratio of 1.10, a quick ratio of 0.24 and a debt-to-equity ratio of 2.22.

RumbleOn (NASDAQ:RMBL) last announced its earnings results on Wednesday, May 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.20). The business had revenue of $307.80 million for the quarter, compared to analysts’ expectations of $338.11 million. RumbleOn had a negative net margin of 15.59% and a negative return on equity of 82.79%. On average, analysts forecast that RumbleOn will post -0.5 earnings per share for the current fiscal year.

About RumbleOn

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products.