Rumble (NASDAQ:RUM) Stock Price Up 6.2% – Time to Buy?

Shares of Rumble Inc. (NASDAQ:RUM) shot up 6.2% during trading on Wednesday. The company traded as high as $8.32 and last traded at $8.2020. Approximately 786,270 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 3,219,290 shares. The stock had previously closed at $7.72.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wall Street Zen cut shares of Rumble from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rumble in a research note on Friday, July 24th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Rumble currently has an average rating of “Sell”.

Rumble Stock Up 2.7%

The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.12. The firm has a 50-day moving average of $7.77 and a 200 day moving average of $7.03. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of -13.45 and a beta of 1.21.

Rumble (NASDAQ:RUM) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.18). Rumble had a negative return on equity of 22.77% and a negative net margin of 134.60%.The company had revenue of $40.37 million for the quarter, compared to analyst estimates of $31.23 million. During the same period last year, the firm earned ($0.12) EPS. The firm’s revenue for the quarter was up 61.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Rumble Inc. will post -0.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rumble

A number of institutional investors have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC acquired a new stake in Rumble in the 2nd quarter valued at about $69,000. Corient Private Wealth LP acquired a new position in Rumble during the second quarter worth approximately $164,000. Handelsbanken Fonder AB increased its position in Rumble by 38.1% during the second quarter. Handelsbanken Fonder AB now owns 39,500 shares of the company’s stock worth $250,000 after buying an additional 10,900 shares during the last quarter. Cooper Creek Partners Management LLC raised its stake in Rumble by 54.1% in the first quarter. Cooper Creek Partners Management LLC now owns 5,242,497 shares of the company’s stock valued at $26,737,000 after buying an additional 1,840,893 shares during the period. Finally, State of Wyoming bought a new stake in Rumble in the first quarter valued at approximately $62,000. 26.15% of the stock is currently owned by institutional investors and hedge funds.

About Rumble

Rumble Inc operates a video-sharing and cloud services platform. Its flagship service enables users to upload, watch, and share video content, while providing creators with tools for audience engagement and monetization. The platform serves a broad range of users and content creators, with an emphasis on supporting independent publishers and offering an alternative to larger video-hosting services.

The company also provides digital infrastructure through Rumble Cloud, which offers cloud hosting and related services to businesses and organizations.