Rumble (NASDAQ:RUM) Shares Gap Up – Here’s What Happened

Rumble Inc. (NASDAQ:RUM) gapped up prior to trading on Wednesday . The stock had previously closed at $5.85, but opened at $6.20. Rumble shares last traded at $6.24, with a volume of 1,622,005 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Wedbush reiterated a “neutral” rating and issued a $8.00 price objective on shares of Rumble in a research note on Tuesday, August 13th.

Rumble Trading Up 0.2 %

The company’s 50 day moving average price is $5.59 and its 200 day moving average price is $6.06. The company has a market cap of $2.27 billion, a price-to-earnings ratio of -9.70 and a beta of 0.74.

Rumble (NASDAQ:RUM) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.03). Rumble had a negative return on equity of 54.31% and a negative net margin of 163.37%. The firm had revenue of $22.47 million for the quarter, compared to analyst estimates of $19.69 million. Sell-side analysts predict that Rumble Inc. will post -0.55 earnings per share for the current year.

Insider Activity at Rumble

In related news, Director Robert Arsov sold 27,500 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $5.12, for a total transaction of $140,800.00. Following the sale, the director now owns 12,659,837 shares of the company’s stock, valued at $64,818,365.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 167,500 shares of company stock valued at $936,825. 72.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rumble

Several hedge funds and other institutional investors have recently modified their holdings of RUM. Empirical Capital Management LLC bought a new position in shares of Rumble during the first quarter worth about $1,584,000. Cambridge Investment Research Advisors Inc. lifted its holdings in Rumble by 5.3% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 175,927 shares of the company’s stock worth $976,000 after buying an additional 8,824 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of Rumble by 34.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 106,699 shares of the company’s stock worth $862,000 after acquiring an additional 27,289 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Rumble in the 1st quarter valued at approximately $339,000. Finally, Avantax Advisory Services Inc. acquired a new stake in shares of Rumble during the 1st quarter valued at approximately $335,000. 26.15% of the stock is owned by institutional investors and hedge funds.

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.