Rumble (NASDAQ:RUM) Trading Down 7.9% - Here's Why

Rumble Inc. (NASDAQ:RUM - Get Free Report)'s stock price was down 7.9% on Tuesday . The company traded as low as $12.31 and last traded at $11.88. Approximately 1,053,082 shares traded hands during trading, a decline of 78% from the average daily volume of 4,751,232 shares. The stock had previously closed at $12.90.

Analyst Ratings Changes

A number of brokerages have recently commented on RUM. Maxim Group started coverage on shares of Rumble in a research note on Wednesday, January 15th. They issued a "buy" rating and a $20.00 price target for the company. Wedbush reiterated a "neutral" rating and set a $8.00 target price on shares of Rumble in a research note on Wednesday, November 13th.

Rumble Price Performance

The firm has a fifty day moving average price of $9.47 and a two-hundred day moving average price of $7.12. The stock has a market capitalization of $5.01 billion, a PE ratio of -20.40 and a beta of 0.52.

Rumble (NASDAQ:RUM - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The company had revenue of $25.06 million during the quarter, compared to the consensus estimate of $29.25 million. During the same quarter in the prior year, the company earned ($0.14) earnings per share. On average, research analysts expect that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Activity at Rumble

In other news, Director Robert Arsov sold 27,500 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $5.83, for a total transaction of $160,325.00. Following the transaction, the director now owns 12,604,837 shares in the company, valued at $73,486,199.71. This trade represents a 0.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 114,988 shares of company stock worth $701,617 over the last quarter. Insiders own 70.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of Rumble by 14.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company's stock valued at $5,553,000 after acquiring an additional 130,956 shares during the period. Barclays PLC raised its position in Rumble by 663.9% in the third quarter. Barclays PLC now owns 13,559 shares of the company's stock valued at $72,000 after purchasing an additional 11,784 shares during the period. Charles Schwab Investment Management Inc. raised its position in Rumble by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company's stock valued at $2,564,000 after purchasing an additional 24,879 shares during the period. MML Investors Services LLC acquired a new position in Rumble during the third quarter worth $185,000. Finally, FMR LLC boosted its position in shares of Rumble by 995.3% during the third quarter. FMR LLC now owns 22,387 shares of the company's stock worth $120,000 after buying an additional 20,343 shares during the period. Hedge funds and other institutional investors own 26.15% of the company's stock.

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.