Rumble (NASDAQ:RUM) Trading 4.5% Higher – What’s Next?

Rumble Inc. (NASDAQ:RUM) shares were up 4.5% during mid-day trading on Tuesday . The stock traded as high as $7.44 and last traded at $7.39. Approximately 1,506,089 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 3,455,900 shares. The stock had previously closed at $7.07.

Analyst Ratings Changes

RUM has been the topic of a number of recent analyst reports. Maxim Group initiated coverage on shares of Rumble in a research report on Wednesday, January 15th. They issued a “buy” rating and a $20.00 target price on the stock. Wedbush decreased their price objective on shares of Rumble from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, March 26th.

Rumble Price Performance

The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of -12.13 and a beta of 0.56. The stock has a 50 day moving average price of $10.10 and a two-hundred day moving average price of $8.55.

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

Insiders Place Their Bets

In other Rumble news, COO Tyler Hughes sold 312,727 shares of the company’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $7.50, for a total transaction of $2,345,452.50. Following the sale, the chief operating officer now owns 65,127 shares in the company, valued at $488,452.50. This represents a 82.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ryan Milnes sold 24,978,210 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $7.50, for a total value of $187,336,575.00. Following the completion of the sale, the director now directly owns 57,290 shares in the company, valued at $429,675. This represents a 99.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 41,104,017 shares of company stock worth $308,280,128 in the last ninety days. 70.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rumble

A number of large investors have recently modified their holdings of the company. IFP Advisors Inc lifted its position in shares of Rumble by 70.9% during the 4th quarter. IFP Advisors Inc now owns 2,000 shares of the company’s stock worth $26,000 after purchasing an additional 830 shares during the last quarter. Coppell Advisory Solutions LLC acquired a new stake in Rumble in the fourth quarter valued at $35,000. Steward Partners Investment Advisory LLC lifted its holdings in Rumble by 50.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,933 shares of the company’s stock worth $38,000 after buying an additional 980 shares during the last quarter. Measured Risk Portfolios Inc. purchased a new stake in Rumble during the 4th quarter worth about $65,000. Finally, Global Retirement Partners LLC acquired a new position in shares of Rumble during the 4th quarter worth about $78,000. 26.15% of the stock is owned by hedge funds and other institutional investors.

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.