Rumble (NASDAQ:RUM) Shares Gap Up - Here's Why

Shares of Rumble Inc. (NASDAQ:RUM - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $11.52, but opened at $12.03. Rumble shares last traded at $11.89, with a volume of 846,879 shares.

Wall Street Analyst Weigh In

RUM has been the subject of a number of research analyst reports. Maxim Group initiated coverage on Rumble in a research note on Wednesday, January 15th. They set a "buy" rating and a $20.00 price target for the company. Wedbush reissued a "neutral" rating and set a $8.00 price target on shares of Rumble in a research note on Wednesday, November 13th.

Rumble Trading Down 5.6 %

The stock has a 50-day simple moving average of $11.93 and a two-hundred day simple moving average of $8.07. The firm has a market capitalization of $4.09 billion, a P/E ratio of -16.67 and a beta of 0.50.

Insider Buying and Selling at Rumble

In other Rumble news, Director Robert Arsov sold 29,988 shares of Rumble 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 completion of the sale, the director now directly owns 12,487,349 shares of the company's stock, valued at $86,162,708.10. The trade was a 0.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Claudio Ramolo sold 4,812,646 shares of the business's stock in a transaction on Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $36,094,845.00. Following the completion of the transaction, the insider now directly owns 14,283 shares of the company's stock, valued at approximately $107,122.50. The trade was a 99.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,134,005 shares of company stock valued at $308,487,045 in the last ninety days. Corporate insiders own 70.10% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. IFP Advisors Inc raised its position in shares of Rumble by 70.9% in the 4th quarter. IFP Advisors Inc now owns 2,000 shares of the company's stock worth $26,000 after acquiring an additional 830 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in Rumble by 50.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,933 shares of the company's stock worth $38,000 after buying an additional 980 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Rumble by 12.7% during the 4th quarter. Bank of New York Mellon Corp now owns 13,396 shares of the company's stock worth $174,000 after buying an additional 1,510 shares during the last quarter. Coppell Advisory Solutions LLC purchased a new position in Rumble during the 4th quarter worth $35,000. Finally, Sigma Planning Corp grew its stake in Rumble by 17.8% during the 4th quarter. Sigma Planning Corp now owns 26,332 shares of the company's stock worth $343,000 after buying an additional 3,985 shares during the last quarter. 26.15% of the stock is owned by institutional investors.

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.