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

Rumble Inc. (NASDAQ:RUM - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $10.96, but opened at $11.32. Rumble shares last traded at $11.20, with a volume of 886,964 shares traded.

Analysts Set New Price Targets

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

Rumble Trading Down 0.4 %

The firm has a 50-day moving average of $8.80 and a two-hundred day moving average of $6.86. The firm has a market capitalization of $4.25 billion, a P/E ratio of -17.33 and a beta of 0.52.

Rumble (NASDAQ:RUM - Get Free Report) last posted 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). The company had revenue of $25.06 million during the quarter, compared to the consensus estimate of $29.25 million. Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. During the same period last year, the company posted ($0.14) EPS. On average, sell-side analysts anticipate that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Insider Transactions at Rumble

In other Rumble news, Director Robert Arsov sold 27,500 shares of the company's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $5.83, for a total value of $160,325.00. Following the completion of the transaction, the director now owns 12,604,837 shares of the company's stock, valued at $73,486,199.71. This represents a 0.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 114,988 shares of company stock worth $701,617. Corporate insiders own 72.90% of the company's stock.

Institutional Trading of Rumble

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in Rumble by 14.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company's stock worth $5,553,000 after acquiring an additional 130,956 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Rumble by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company's stock worth $2,564,000 after purchasing an additional 24,879 shares during the last quarter. MML Investors Services LLC acquired a new stake in Rumble in the third quarter valued at $185,000. Janus Henderson Group PLC bought a new position in Rumble during the 3rd quarter worth $184,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Rumble by 20.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company's stock worth $166,000 after buying an additional 5,348 shares during the period. 26.15% of the stock is currently 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.