Balyasny Asset Management L.P. Makes New $3.97 Million Investment in Rumble Inc. (NASDAQ:RUM)

Balyasny Asset Management L.P. purchased a new stake in shares of Rumble Inc. (NASDAQ:RUM) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 304,871 shares of the company’s stock, valued at approximately $3,966,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Ameriprise Financial Inc. lifted its position in Rumble by 2.8% during the fourth quarter. Ameriprise Financial Inc. now owns 638,316 shares of the company’s stock valued at $8,304,000 after purchasing an additional 17,100 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Rumble by 17.9% during the 4th quarter. Northern Trust Corp now owns 213,582 shares of the company’s stock worth $2,779,000 after acquiring an additional 32,363 shares during the last quarter. Coppell Advisory Solutions LLC purchased a new position in Rumble in the fourth quarter worth $35,000. Price T Rowe Associates Inc. MD increased its stake in Rumble by 29.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,800 shares of the company’s stock valued at $232,000 after acquiring an additional 4,100 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its position in Rumble by 374.6% during the fourth quarter. TD Waterhouse Canada Inc. now owns 9,491 shares of the company’s stock valued at $123,000 after purchasing an additional 7,491 shares in the last quarter. Hedge funds and other institutional investors own 26.15% of the company’s stock.

Rumble Trading Up 19.5 %

Shares of NASDAQ:RUM opened at $9.30 on Friday. The stock has a market capitalization of $4.04 billion, a P/E ratio of -14.76 and a beta of 0.69. The stock’s 50-day moving average price is $7.78 and its 200-day moving average price is $8.99. Rumble Inc. has a 12-month low of $4.92 and a 12-month high of $17.40.

Rumble (NASDAQ:RUM) last announced its quarterly earnings results on Tuesday, March 25th. The company reported ($1.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($1.02). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The company had revenue of $30.20 million during the quarter, compared to analysts’ expectations of $29.74 million. The firm’s quarterly revenue was up 48.0% on a year-over-year basis. As a group, research analysts predict that Rumble Inc. will post -0.62 EPS for the current year.

Analyst Ratings Changes

RUM has been the topic of several recent research reports. Wedbush set a $8.00 price objective on Rumble and gave the company a “neutral” rating in a research report on Tuesday, April 15th. Maxim Group began coverage on shares of Rumble in a research note on Wednesday, January 15th. They set a “buy” rating and a $20.00 price target on the stock.

Rumble 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.