Rumble (NASDAQ:RUM) Shares Down 8.3% – What’s Next?

Rumble Inc. (NASDAQ:RUM)’s share price was down 8.3% during mid-day trading on Thursday. The company traded as low as $6.89 and last traded at $6.8940. Approximately 2,608,868 shares were traded during trading, a decline of 20% from the average daily volume of 3,265,275 shares. The stock had previously closed at $7.52.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RUM. Wall Street Zen lowered shares of Rumble from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Lake Street Capital initiated coverage on Rumble in a research note on Tuesday. They set a “hold” rating and a $25.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rumble in a report on Friday, July 24th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Rumble currently has a consensus rating of “Reduce” and a consensus price target of $25.00.

Rumble Stock Performance

The firm’s fifty day simple moving average is $8.01 and its 200 day simple moving average is $7.14. The company has a market capitalization of $3.45 billion, a PE ratio of -11.80 and a beta of 1.25. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.12.

Rumble (NASDAQ:RUM) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.18). The company had revenue of $40.37 million during the quarter, compared to analyst estimates of $31.23 million. Rumble had a negative net margin of 134.60% and a negative return on equity of 22.77%. The business’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.12) EPS. On average, research analysts predict that Rumble Inc. will post -0.55 EPS for the current year.

Institutional Investors Weigh In On Rumble

Several hedge funds have recently bought and sold shares of RUM. Cooper Creek Partners Management LLC increased its holdings in shares of Rumble by 54.1% during the 1st quarter. Cooper Creek Partners Management LLC now owns 5,242,497 shares of the company’s stock valued at $26,737,000 after purchasing an additional 1,840,893 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Rumble by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 322,245 shares of the company’s stock worth $1,643,000 after buying an additional 1,475 shares in the last quarter. Sigma Planning Corp grew its position in Rumble by 2.1% during the first quarter. Sigma Planning Corp now owns 162,699 shares of the company’s stock valued at $830,000 after buying an additional 3,349 shares during the period. Handelsbanken Fonder AB increased its holdings in Rumble by 38.1% in the second quarter. Handelsbanken Fonder AB now owns 39,500 shares of the company’s stock valued at $250,000 after buying an additional 10,900 shares in the last quarter. Finally, Corient Private Wealth LP purchased a new position in Rumble in the second quarter valued at $164,000. Hedge funds and other institutional investors own 26.15% of the company’s stock.

About Rumble

Rumble Inc is a video-sharing and social media company that operates the Rumble platform, where users can upload, watch, livestream and share video content. The company also provides related tools for creators, including audience engagement and monetization services, and generates revenue through advertising, subscriptions and other digital offerings.

In addition to its consumer video platform, Rumble offers cloud infrastructure services through Rumble Cloud. These services are designed to support video hosting, storage, distribution and other online applications.