Rumble (NASDAQ:RUM) Sees Unusually-High Trading Volume - Here's Why

Rumble Inc. (NASDAQ:RUM - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 2,025,585 shares changed hands during trading, a decline of 33% from the previous session's volume of 3,018,335 shares.The stock last traded at $6.38 and had previously closed at $6.48.

Analyst Upgrades and Downgrades

Separately, Wedbush restated a "neutral" rating and set a $8.00 price objective on shares of Rumble in a research note on Tuesday, August 13th.

Rumble Stock Performance

The firm has a 50 day simple moving average of $5.55 and a two-hundred day simple moving average of $6.03. The stock has a market cap of $2.50 billion, a P/E ratio of -10.09 and a beta of 0.74.

Rumble (NASDAQ:RUM - Get Free Report) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.03). The company had revenue of $22.47 million for the quarter, compared to the consensus estimate of $19.69 million. Rumble had a negative net margin of 163.37% and a negative return on equity of 54.31%. As a group, equities research analysts predict that Rumble Inc. will post -0.55 EPS for the current year.

Insider Transactions at Rumble

In other Rumble news, Director Robert Arsov sold 27,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $5.87, for a total transaction of $161,425.00. Following the completion of the transaction, the director now directly owns 14,879,837 shares of the company's stock, valued at approximately $87,344,643.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 167,500 shares of company stock valued at $936,825. Company insiders own 72.90% of the company's stock.

Institutional Investors Weigh In On Rumble

A number of institutional investors and hedge funds have recently bought and sold shares of RUM. TCP Asset Management LLC grew its holdings in shares of Rumble by 21.3% in the 1st quarter. TCP Asset Management LLC now owns 28,520 shares of the company's stock worth $230,000 after acquiring an additional 5,000 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new position in Rumble in the 2nd quarter worth about $30,000. Cambridge Investment Research Advisors Inc. raised its holdings in Rumble by 5.3% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 175,927 shares of the company's stock worth $976,000 after buying an additional 8,824 shares during the period. Coppell Advisory Solutions Corp. purchased a new stake in Rumble during the first quarter valued at about $81,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Rumble in the second quarter worth about $66,000. 26.15% of the stock is owned by institutional investors and hedge funds.

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.