Rumble Inc. (NASDAQ:RUM) Sees Significant Growth in Short Interest

Rumble Inc. (NASDAQ:RUM) was the target of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 12,400,000 shares, an increase of 24.6% from the February 13th total of 9,950,000 shares. Based on an average daily volume of 6,410,000 shares, the short-interest ratio is currently 1.9 days. Approximately 6.6% of the shares of the company are short sold.

Rumble Stock Down 0.9 %

Shares of RUM stock traded down $0.07 during trading hours on Monday, reaching $7.96. The company’s stock had a trading volume of 389,956 shares, compared to its average volume of 3,594,533. The firm’s 50 day simple moving average is $11.02 and its 200-day simple moving average is $8.38. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of -12.63 and a beta of 0.56. Rumble has a fifty-two week low of $4.92 and a fifty-two week high of $17.40.

Insider Activity

In other Rumble news, Director Ryan Milnes sold 24,978,210 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $187,336,575.00. Following the transaction, the director now owns 57,290 shares of the company’s stock, valued at approximately $429,675. The trade was a 99.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Wojciech Hlibowicki sold 3,817,165 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $28,628,737.50. Following the completion of the transaction, the chief technology officer now directly owns 4,592 shares in the company, valued at approximately $34,440. This represents a 99.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,104,017 shares of company stock worth $308,280,128. Company insiders own 70.10% of the company’s stock.

Institutional Investors Weigh In On Rumble

Large investors have recently modified their holdings of the business. D. E. Shaw & Co. Inc. boosted its holdings in shares of Rumble by 9,234.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,351,803 shares of the company’s stock valued at $17,587,000 after acquiring an additional 1,337,321 shares in the last quarter. Millennium Management LLC raised its position in shares of Rumble by 287.7% in the 4th quarter. Millennium Management LLC now owns 781,747 shares of the company’s stock worth $10,171,000 after acquiring an additional 580,105 shares in the last quarter. Two Sigma Investments LP bought a new stake in Rumble in the 4th quarter valued at about $4,093,000. Balyasny Asset Management L.P. bought a new stake in Rumble in the 4th quarter valued at about $3,966,000. Finally, Centiva Capital LP bought a new stake in Rumble in the 4th quarter valued at about $3,304,000. Institutional investors and hedge funds own 26.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Maxim Group began coverage on Rumble in a research report on Wednesday, January 15th. They issued a “buy” rating and a $20.00 price objective for the company.

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.