Rumble (NASDAQ:RUM) Shares Gap Down – Time to Sell?

Rumble Inc. (NASDAQ:RUM)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $6.83, but opened at $6.05. Rumble shares last traded at $5.99, with a volume of 445,734 shares trading hands.

Analysts Set New Price Targets

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

Rumble Stock Performance

The company’s 50 day moving average is $5.60 and its 200-day moving average is $6.02.

Rumble (NASDAQ:RUM) last issued its earnings results on Monday, August 12th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.03). The firm had revenue of $22.47 million during the quarter, compared to analyst estimates of $19.69 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 59.00%. On average, analysts predict that Rumble Inc. will post -0.55 EPS for the current year.

Insider Buying and Selling at Rumble

In other Rumble news, Director Robert Arsov sold 27,500 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.59, for a total transaction of $153,725.00. Following the transaction, the director now owns 14,769,837 shares in the company, valued at approximately $82,563,388.83. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 195,000 shares of company stock valued at $1,086,500. Company insiders own 72.90% of the company’s stock.

Hedge Funds Weigh In On Rumble

Several large investors have recently added to or reduced their stakes in RUM. Redwood Wealth Management Group LLC purchased a new position in Rumble in the second quarter worth $30,000. Bank of New York Mellon Corp bought a new position in Rumble during the second quarter valued at about $66,000. SG Americas Securities LLC purchased a new stake in Rumble during the second quarter worth about $67,000. Coppell Advisory Solutions Corp. bought a new stake in Rumble in the first quarter worth about $81,000. Finally, RIA Advisory Group LLC purchased a new position in Rumble in the third quarter valued at approximately $81,000. Institutional investors own 26.15% of the company’s 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.