Rumble (NASDAQ:RUM) Trading Down 4.5% - Here's Why

Rumble Inc. (NASDAQ:RUM - Get Free Report) shares dropped 4.5% during trading on Tuesday . The stock traded as low as $10.36 and last traded at $10.43. Approximately 1,516,877 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 4,539,688 shares. The stock had previously closed at $10.92.

Wall Street Analyst Weigh In

Separately, Wedbush restated a "neutral" rating and issued a $8.00 price target on shares of Rumble in a research note on Wednesday, November 13th.

Rumble Price Performance

The stock has a market cap of $3.98 billion, a price-to-earnings ratio of -16.21 and a beta of 0.52. The company's 50 day moving average is $8.90 and its 200 day moving average is $6.90.

Rumble (NASDAQ:RUM - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The company had revenue of $25.06 million for the quarter, compared to analyst estimates of $29.25 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. During the same quarter in the previous year, the business posted ($0.14) earnings per share. Sell-side analysts predict that Rumble Inc. will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In other Rumble news, Director Robert Arsov sold 29,988 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $6.90, for a total transaction of $206,917.20. Following the sale, the director now owns 12,487,349 shares in the company, valued at approximately $86,162,708.10. This represents a 0.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have sold 114,988 shares of company stock worth $701,617. 72.90% of the stock is owned by corporate insiders.

Institutional Trading of Rumble

Institutional investors and hedge funds have recently made changes to their positions in the stock. Gleason Group Inc. purchased a new position in shares of Rumble during the fourth quarter valued at approximately $212,000. Virtu Financial LLC purchased a new position in shares of Rumble during the 3rd quarter worth $70,000. Barclays PLC boosted its holdings in shares of Rumble by 663.9% during the third quarter. Barclays PLC now owns 13,559 shares of the company's stock worth $72,000 after purchasing an additional 11,784 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Rumble by 14.5% in the third quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company's stock valued at $5,553,000 after purchasing an additional 130,956 shares during the period. Finally, MML Investors Services LLC acquired a new position in Rumble in the third quarter valued at $185,000. 26.15% of the stock is currently owned by hedge funds and other institutional investors.

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.