Rumble (NASDAQ:RUM) Shares Down 4.5% – What’s Next?

Rumble Inc. (NASDAQ:RUM)’s share price traded down 4.5% during trading on Monday . The company traded as low as $5.32 and last traded at $5.36. 1,158,681 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 3,062,358 shares. The stock had previously closed at $5.61.

Analyst Upgrades and Downgrades

Separately, Wedbush restated a “neutral” rating and issued a $8.00 price target on shares of Rumble in a research report on Wednesday, November 13th.

Rumble Stock Performance

The stock has a market capitalization of $2.16 billion, a P/E ratio of -8.90 and a beta of 0.72. The company’s 50-day moving average price is $5.63 and its 200 day moving average price is $6.00.

Rumble (NASDAQ:RUM) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The business had revenue of $25.06 million during the quarter, compared to the consensus estimate of $29.25 million. Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. During the same period last year, the company earned ($0.14) EPS. Analysts predict that Rumble Inc. will post -0.62 earnings per share for the current year.

Insider Activity

In other Rumble news, Director Robert Arsov sold 30,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $5.93, for a total transaction of $177,900.00. Following the transaction, the director now owns 12,517,337 shares in the company, valued at $74,227,808.41. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 195,000 shares of company stock worth $1,086,500 over the last quarter. Insiders own 72.90% of the company’s stock.

Institutional Trading of Rumble

Large investors have recently made changes to their positions in the stock. Empirical Capital Management LLC purchased a new stake in Rumble in the 1st quarter valued at about $1,584,000. Geode Capital Management LLC increased its stake in shares of Rumble by 14.5% during the third quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock valued at $5,553,000 after buying an additional 130,956 shares during the period. Virtu Financial LLC bought a new stake in shares of Rumble in the first quarter valued at about $339,000. Avantax Advisory Services Inc. purchased a new stake in Rumble in the first quarter worth about $335,000. Finally, MML Investors Services LLC bought a new position in Rumble during the 3rd quarter worth about $185,000. 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.