Rumble (NASDAQ:RUM) Trading Down 7.2% – Here’s What Happened

Shares of Rumble Inc. (NASDAQ:RUM) dropped 7.2% during trading on Monday . The company traded as low as $5.27 and last traded at $5.2350. Approximately 1,648,157 shares were traded during trading, a decline of 46% from the average daily volume of 3,061,425 shares. The stock had previously closed at $5.64.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RUM. Wall Street Zen downgraded Rumble from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Rumble in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Rumble currently has an average rating of “Hold” and a consensus target price of $14.00.

Rumble Stock Down 2.4%

The business has a fifty day moving average price of $7.09 and a 200-day moving average price of $8.13. The company has a market cap of $2.36 billion, a P/E ratio of -4.05 and a beta of 0.69.

Rumble (NASDAQ:RUM) last released its earnings results on Monday, November 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.01). Rumble had a negative return on equity of 78.52% and a negative net margin of 275.47%.The company had revenue of $24.76 million for the quarter, compared to analyst estimates of $26.86 million. Rumble’s quarterly revenue was down 1.2% 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 year.

Institutional Investors Weigh In On Rumble

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Rumble by 20.2% during the 1st quarter. Vanguard Group Inc. now owns 9,585,466 shares of the company’s stock valued at $67,769,000 after buying an additional 1,612,891 shares during the period. Geode Capital Management LLC raised its stake in shares of Rumble by 57.3% during the second quarter. Geode Capital Management LLC now owns 2,373,070 shares of the company’s stock valued at $21,313,000 after acquiring an additional 864,677 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Rumble in the 1st quarter worth $2,379,000. Neo Ivy Capital Management purchased a new stake in Rumble in the third quarter valued at about $1,563,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Rumble by 41.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 698,074 shares of the company’s stock worth $4,935,000 after buying an additional 205,281 shares during the last quarter. 26.15% of the stock is owned by hedge funds and other institutional investors.

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.