Rumble (NASDAQ:RUM) Stock Price Down 7.4% - Here's Why

Rumble Inc. (NASDAQ:RUM - Get Free Report)'s stock price was down 7.4% during trading on Thursday . The stock traded as low as $7.62 and last traded at $7.60. Approximately 1,260,917 shares changed hands during trading, a decline of 66% from the average daily volume of 3,668,940 shares. The stock had previously closed at $8.21.

Wall Street Analysts Forecast Growth

Separately, Maxim Group started coverage on shares of Rumble in a research note on Wednesday, January 15th. They set a "buy" rating and a $20.00 price objective for the company.

Rumble Price Performance

The company's fifty day moving average is $11.02 and its 200-day moving average is $8.34. The stock has a market cap of $3.13 billion, a PE ratio of -12.75 and a beta of 0.56.

Insider Buying and Selling

In related news, Director Ryan Milnes sold 24,978,210 shares of the firm's stock in a transaction 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 transaction, the director now owns 57,290 shares of the company's stock, valued at $429,675. This trade represents a 99.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brandon Alexandroff sold 6,828,420 shares of Rumble stock in a transaction on Friday, February 7th. The shares were sold at an average price of $7.50, for a total transaction of $51,213,150.00. Following the completion of the transaction, the chief financial officer now directly owns 64,210 shares of the company's stock, valued at $481,575. The trade was a 99.07 % decrease in their position. 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 90 days. Insiders own 70.10% of the company's stock.

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Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RUM. D. E. Shaw & Co. Inc. boosted its position in Rumble by 9,234.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,351,803 shares of the company's stock worth $17,587,000 after acquiring an additional 1,337,321 shares during the last quarter. Millennium Management LLC boosted its position in Rumble by 287.7% during the fourth quarter. Millennium Management LLC now owns 781,747 shares of the company's stock worth $10,171,000 after acquiring an additional 580,105 shares during the last quarter. Two Sigma Investments LP acquired a new position in Rumble during the fourth quarter worth about $4,093,000. Balyasny Asset Management L.P. acquired a new position in Rumble in the 4th quarter valued at about $3,966,000. Finally, Centiva Capital LP acquired a new position in Rumble in the 4th quarter valued at about $3,304,000. Hedge funds and other institutional investors own 26.15% of the company's stock.

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.