Wedbush Comments on Rumble’s FY2024 Earnings (NASDAQ:RUM)

Rumble Inc. (NASDAQ:RUM) – Research analysts at Wedbush lowered their FY2024 earnings estimates for shares of Rumble in a report released on Wednesday, November 13th. Wedbush analyst S. Devitt now anticipates that the company will post earnings of ($0.60) per share for the year, down from their prior estimate of ($0.53). Wedbush has a “Neutral” rating and a $8.00 price objective on the stock. The consensus estimate for Rumble’s current full-year earnings is ($0.55) per share. Wedbush also issued estimates for Rumble’s Q4 2024 earnings at ($0.11) EPS, FY2025 earnings at ($0.33) EPS and FY2026 earnings at ($0.26) EPS.

Rumble Stock Performance

RUM stock opened at $5.91 on Friday. The firm has a 50 day moving average price of $5.62 and a 200-day moving average price of $6.02. Rumble has a 52-week low of $3.33 and a 52-week high of $9.20. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of -9.76 and a beta of 0.72.

Rumble (NASDAQ:RUM) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.03). Rumble had a negative return on equity of 59.00% and a negative net margin of 152.81%. The business had revenue of $22.47 million for the quarter, compared to the consensus estimate of $19.69 million.

Insider Activity at Rumble

In related news, Director Robert Arsov sold 27,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.59, for a total transaction of $153,725.00. Following the completion of the sale, the director now owns 14,769,837 shares of the company’s stock, valued at $82,563,388.83. This trade represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 195,000 shares of company stock valued at $1,086,500 in the last 90 days. Corporate insiders own 72.90% of the company’s stock.

Hedge Funds Weigh In On Rumble

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Redwood Wealth Management Group LLC bought a new position in shares of Rumble during the 2nd quarter valued at $30,000. Coppell Advisory Solutions Corp. bought a new position in Rumble in the first quarter valued at about $81,000. Bank of New York Mellon Corp purchased a new position in Rumble in the second quarter worth about $66,000. SG Americas Securities LLC bought a new stake in shares of Rumble during the 2nd quarter valued at about $67,000. Finally, Solano Wealth Management Inc. bought a new stake in shares of Rumble during the 2nd quarter valued at about $83,000. 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.