Wedbush Has Pessimistic View of RumbleOn FY2024 Earnings

RumbleOn, Inc. (NASDAQ:RMBL) – Investment analysts at Wedbush cut their FY2024 earnings per share (EPS) estimates for RumbleOn in a report issued on Wednesday, November 13th. Wedbush analyst S. Basham now forecasts that the company will post earnings per share of ($0.89) for the year, down from their prior forecast of ($0.48). Wedbush has a “Outperform” rating and a $5.00 price target on the stock. The consensus estimate for RumbleOn’s current full-year earnings is ($0.55) per share. Wedbush also issued estimates for RumbleOn’s Q4 2024 earnings at ($0.26) EPS, FY2025 earnings at ($0.28) EPS and FY2026 earnings at $0.22 EPS.

Separately, B. Riley cut their target price on RumbleOn from $9.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday.

RumbleOn Price Performance

Shares of RMBL stock opened at $5.49 on Friday. RumbleOn has a 12 month low of $3.13 and a 12 month high of $8.84. The company has a market capitalization of $193.92 million, a P/E ratio of -0.65 and a beta of 2.08. The stock has a 50 day moving average of $4.91 and a two-hundred day moving average of $4.77. The company has a current ratio of 1.12, a quick ratio of 0.27 and a debt-to-equity ratio of 2.23.

Institutional Investors Weigh In On RumbleOn

Large investors have recently made changes to their positions in the company. Rhumbline Advisers increased its holdings in shares of RumbleOn by 3,910.5% during the second quarter. Rhumbline Advisers now owns 19,772 shares of the company’s stock worth $81,000 after buying an additional 19,279 shares in the last quarter. Virtu Financial LLC bought a new stake in RumbleOn during the 1st quarter worth approximately $90,000. Barclays PLC increased its holdings in RumbleOn by 278.7% during the 3rd quarter. Barclays PLC now owns 21,278 shares of the company’s stock valued at $102,000 after purchasing an additional 15,660 shares in the last quarter. Dimensional Fund Advisors LP raised its position in RumbleOn by 35.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 29,182 shares of the company’s stock valued at $120,000 after purchasing an additional 7,704 shares during the last quarter. Finally, Magnus Financial Group LLC acquired a new position in RumbleOn in the second quarter worth $127,000. Institutional investors own 66.14% of the company’s stock.

RumbleOn Company Profile

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products.