Rumble (NASDAQ:RUM) Shares Down 4.5% – Here’s Why

Rumble Inc. (NASDAQ:RUM) fell 4.5% during mid-day trading on Tuesday . The company traded as low as $10.36 and last traded at $10.43. 1,516,877 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 4,539,688 shares. The stock had previously closed at $10.92.

Analysts Set New Price Targets

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

Rumble Stock Performance

The firm has a market capitalization of $3.97 billion, a P/E ratio of -16.19 and a beta of 0.52. The stock’s 50 day simple moving average is $8.90 and its 200 day simple moving average is $6.90.

Rumble (NASDAQ:RUM) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate 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 previous year, the business earned ($0.14) earnings per share. On average, analysts anticipate that Rumble Inc. will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Robert Arsov sold 29,988 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $6.90, for a total transaction of $206,917.20. Following the transaction, the director now directly owns 12,487,349 shares in the company, valued at $86,162,708.10. The trade was a 0.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 114,988 shares of company stock worth $701,617 over the last 90 days. Company insiders own 72.90% of the company’s stock.

Institutional Trading of Rumble

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in Rumble by 14.5% in the third quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock valued at $5,553,000 after purchasing an additional 130,956 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Rumble by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock valued at $2,564,000 after acquiring an additional 24,879 shares in the last quarter. MML Investors Services LLC acquired a new position in Rumble in the third quarter valued at approximately $185,000. Janus Henderson Group PLC purchased a new stake in Rumble in the 3rd quarter worth approximately $184,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Rumble by 20.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company’s stock worth $166,000 after purchasing an additional 5,348 shares during the period. Hedge funds and other 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.