Rumble (NASDAQ:RUM) Shares Gap Down – Here’s What Happened

Rumble Inc. (NASDAQ:RUM) gapped down prior to trading on Tuesday . The stock had previously closed at $13.03, but opened at $12.73. Rumble shares last traded at $14.82, with a volume of 13,299,346 shares.

Analysts Set New Price Targets

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

Rumble Stock Performance

The stock has a 50-day moving average of $6.61 and a two-hundred day moving average of $6.08. The company has a market cap of $5.12 billion, a P/E ratio of -20.86 and a beta of 0.81.

Rumble (NASDAQ:RUM) last issued 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). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The business had revenue of $25.06 million during the quarter, compared to the consensus estimate of $29.25 million. During the same quarter in the prior year, the business posted ($0.14) earnings per share. As a group, sell-side analysts forecast that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Insider Buying and Selling

In other Rumble news, Director Robert Arsov sold 27,500 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $5.12, for a total value of $140,800.00. Following the sale, the director now directly owns 12,659,837 shares of the company’s stock, valued at approximately $64,818,365.44. The trade was a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 169,988 shares of company stock valued at $986,517 over the last ninety days. Company insiders own 72.90% of the company’s stock.

Hedge Funds Weigh In On Rumble

Large investors have recently modified their holdings of the stock. Redwood Wealth Management Group LLC bought a new stake in Rumble during the 2nd quarter valued at about $30,000. Bank of New York Mellon Corp purchased a new stake in Rumble during the 2nd quarter valued at $66,000. SG Americas Securities LLC purchased a new stake in Rumble during the 2nd quarter valued at $67,000. Virtu Financial LLC bought a new stake in shares of Rumble in the 3rd quarter worth $70,000. Finally, Barclays PLC raised its stake in shares of Rumble by 663.9% in the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock worth $72,000 after purchasing an additional 11,784 shares during the last quarter. Hedge funds and other institutional investors own 26.15% of the company’s stock.

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.