Rumble (NASDAQ:RUM) Stock Price Up 5.3% – Time to Buy?

Rumble Inc. (NASDAQ:RUM)’s stock price rose 5.3% on Thursday . The company traded as high as $13.67 and last traded at $13.28. Approximately 4,785,241 shares changed hands during trading, a decline of 6% from the average daily volume of 5,084,666 shares. The stock had previously closed at $12.61.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Maxim Group initiated coverage on shares of Rumble in a research note on Wednesday, January 15th. They issued a “buy” rating and a $20.00 target price for the company. Wedbush restated a “neutral” rating and set a $8.00 target price on shares of Rumble in a report on Wednesday, November 13th.

Rumble Trading Up 2.9 %

The company has a market capitalization of $5.06 billion, a P/E ratio of -20.60 and a beta of 0.52. The business has a 50 day moving average price of $9.72 and a 200 day moving average price of $7.21.

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

Insiders Place Their Bets

In other Rumble news, Director Robert Arsov sold 27,500 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $5.83, for a total value of $160,325.00. Following the transaction, the director now owns 12,604,837 shares of the company’s stock, valued at approximately $73,486,199.71. The trade was a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders sold 114,988 shares of company stock worth $701,617. 70.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rumble

A number of institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new stake in shares of Rumble during the 2nd quarter valued at about $66,000. Cypress Point Wealth Management LLC bought a new stake in Rumble during the third quarter valued at approximately $98,000. RIA Advisory Group LLC bought a new stake in Rumble during the third quarter valued at approximately $81,000. Charles Schwab Investment Management Inc. boosted its position in shares of Rumble by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock worth $2,564,000 after purchasing an additional 24,879 shares during the period. Finally, FMR LLC lifted its holdings in shares of Rumble by 995.3% in the third quarter. FMR LLC now owns 22,387 shares of the company’s stock worth $120,000 after buying an additional 20,343 shares in the last quarter. 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.