Rumble (NASDAQ:RUM) Shares Down 7.9% – Here’s What Happened

Rumble Inc. (NASDAQ:RUM)’s stock price traded down 7.9% during trading on Tuesday . The stock traded as low as $12.31 and last traded at $11.88. 1,053,082 shares were traded during trading, a decline of 78% from the average session volume of 4,751,232 shares. The stock had previously closed at $12.90.

Analyst Upgrades and Downgrades

RUM has been the subject of a number of research analyst reports. Maxim Group assumed coverage on Rumble in a report on Wednesday, January 15th. They set a “buy” rating and a $20.00 target price for the company. Wedbush restated a “neutral” rating and issued a $8.00 price objective on shares of Rumble in a report on Wednesday, November 13th.

Rumble Stock Performance

The firm has a market capitalization of $5.09 billion, a PE ratio of -20.75 and a beta of 0.52. The stock’s 50 day simple moving average is $9.47 and its two-hundred day simple moving average is $7.12.

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). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The company had revenue of $25.06 million for the quarter, compared to analyst estimates of $29.25 million. During the same period last year, the firm posted ($0.14) EPS. Equities research analysts expect that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert Arsov sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $5.93, for a total value of $177,900.00. Following the transaction, the director now directly owns 12,517,337 shares in the company, valued at approximately $74,227,808.41. This represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders sold 114,988 shares of company stock worth $701,617. Insiders own 70.10% of the company’s stock.

Institutional Investors Weigh In On Rumble

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in shares of Rumble by 14.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock worth $5,553,000 after purchasing an additional 130,956 shares during the last quarter. MML Investors Services LLC acquired a new stake in shares of Rumble during the third quarter valued at about $185,000. Janus Henderson Group PLC purchased a new stake in shares of Rumble in the 3rd quarter valued at approximately $184,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rumble by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock worth $2,564,000 after acquiring an additional 24,879 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Rumble by 995.3% during the 3rd quarter. FMR LLC now owns 22,387 shares of the company’s stock worth $120,000 after purchasing an additional 20,343 shares during the period. Hedge funds and other institutional investors own 26.15% of the company’s stock.

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.