Arete Wealth Advisors LLC Makes New Investment in Rumble Inc. (NASDAQ:RUM)

Arete Wealth Advisors LLC purchased a new stake in shares of Rumble Inc. (NASDAQ:RUM - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 195,280 shares of the company's stock, valued at approximately $2,540,000. Arete Wealth Advisors LLC owned about 0.05% of Rumble at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of RUM. Geode Capital Management LLC boosted its stake in Rumble by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,041,044 shares of the company's stock valued at $13,550,000 after acquiring an additional 5,326 shares during the last quarter. Momentous Wealth Management Inc. bought a new stake in shares of Rumble in the 4th quarter worth approximately $180,000. Vanguard Group Inc. lifted its stake in Rumble by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 7,972,575 shares of the company's stock valued at $103,723,000 after purchasing an additional 229,294 shares during the last quarter. LPL Financial LLC grew its holdings in Rumble by 18.9% during the fourth quarter. LPL Financial LLC now owns 109,403 shares of the company's stock valued at $1,423,000 after purchasing an additional 17,391 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in Rumble in the fourth quarter worth $138,000. 26.15% of the stock is currently owned by institutional investors.

Rumble Stock Down 1.7 %

Shares of NASDAQ RUM traded down $0.13 during mid-day trading on Friday, reaching $7.56. 2,648,253 shares of the company were exchanged, compared to its average volume of 3,034,847. Rumble Inc. has a 52 week low of $4.92 and a 52 week high of $17.40. The company's 50 day moving average price is $9.68 and its 200 day moving average price is $8.59. The stock has a market capitalization of $3.28 billion, a PE ratio of -12.00 and a beta of 0.70.

Remove Ads

Rumble (NASDAQ:RUM - Get Free Report) last posted its quarterly earnings data on Tuesday, March 25th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($1.02). The firm had revenue of $30.20 million during the quarter, compared to analysts' expectations of $29.74 million. Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The company's quarterly revenue was up 48.0% on a year-over-year basis. On average, sell-side analysts predict that Rumble Inc. will post -0.62 earnings per share for the current year.

Analyst Ratings Changes

RUM has been the subject of several recent research reports. Maxim Group began coverage on Rumble in a report on Wednesday, January 15th. They issued a "buy" rating and a $20.00 price objective for the company. Wedbush reduced their price objective on shares of Rumble from $13.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, March 26th.

Insiders Place Their Bets

In other news, CEO Christopher Pavlovski sold 354,849 shares of the company's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $7.50, for a total transaction of $2,661,367.50. Following the completion of the transaction, the chief executive officer now directly owns 522,927 shares of the company's stock, valued at approximately $3,921,952.50. This represents a 40.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brandon Alexandroff sold 6,828,420 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $7.50, for a total transaction of $51,213,150.00. Following the sale, the chief financial officer now owns 64,210 shares of the company's stock, valued at approximately $481,575. This represents a 99.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,104,017 shares of company stock valued at $308,280,128 over the last quarter. 70.10% of the stock is owned by corporate insiders.

Rumble 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.