Insider Selling: Rumble Inc. (NASDAQ:RUM) Director Sells 24,978,210 Shares of Stock

Rumble Inc. (NASDAQ:RUM) Director Ryan Milnes sold 24,978,210 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $7.50, for a total transaction of $187,336,575.00. Following the completion of the sale, the director now directly owns 57,290 shares in the company, valued at approximately $429,675. This trade represents a 99.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Rumble Stock Down 8.8 %

Shares of NASDAQ RUM traded down $1.08 during mid-day trading on Tuesday, hitting $11.17. 3,345,675 shares of the company were exchanged, compared to its average volume of 4,398,688. The stock has a 50 day simple moving average of $11.32 and a 200-day simple moving average of $7.78. Rumble Inc. has a 1-year low of $4.92 and a 1-year high of $17.40. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of -17.73 and a beta of 0.50.

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

Institutional Investors Weigh In On Rumble

A number of hedge funds and other institutional investors have recently bought and sold shares of RUM. IFP Advisors Inc raised its stake in Rumble by 70.9% in the 4th quarter. IFP Advisors Inc now owns 2,000 shares of the company’s stock valued at $26,000 after purchasing an additional 830 shares during the last quarter. Steward Partners Investment Advisory LLC increased its stake in shares of Rumble by 50.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,933 shares of the company’s stock valued at $38,000 after acquiring an additional 980 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Rumble by 12.7% during the 4th quarter. Bank of New York Mellon Corp now owns 13,396 shares of the company’s stock valued at $174,000 after acquiring an additional 1,510 shares during the last quarter. Sigma Planning Corp increased its stake in shares of Rumble by 17.8% during the 4th quarter. Sigma Planning Corp now owns 26,332 shares of the company’s stock valued at $343,000 after acquiring an additional 3,985 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Rumble by 20.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company’s stock valued at $166,000 after acquiring an additional 5,348 shares during the last quarter. Institutional investors and hedge funds own 26.15% of the company’s stock.

Analyst Ratings Changes

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

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.