Rumble (NASDAQ:RUM) Shares Down 5.3% - Here's Why

Rumble Inc. (NASDAQ:RUM - Get Free Report)'s stock price fell 5.3% on Monday . The company traded as low as $12.08 and last traded at $12.08. 5,359,665 shares were traded during mid-day trading, an increase of 24% from the average session volume of 4,314,232 shares. The stock had previously closed at $12.75.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RUM. Wedbush reaffirmed a "neutral" rating and issued a $8.00 price target on shares of Rumble in a research report on Wednesday, November 13th. Maxim Group started coverage on Rumble in a research note on Wednesday, January 15th. They issued a "buy" rating and a $20.00 price objective on the stock.

Rumble Price Performance

The business has a 50 day moving average price of $11.56 and a 200 day moving average price of $7.86. The firm has a market capitalization of $4.51 billion, a P/E ratio of -18.37 and a beta of 0.50.

Rumble (NASDAQ:RUM - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $25.06 million during the quarter, compared to the consensus estimate of $29.25 million. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. As a group, equities analysts expect that Rumble Inc. will post -0.62 EPS for the current year.

Insider Activity at Rumble

In other Rumble news, Director Ryan Milnes sold 24,978,210 shares of Rumble stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $7.50, for a total transaction of $187,336,575.00. Following the sale, the director now directly owns 57,290 shares of the company's stock, valued at approximately $429,675. The trade was a 99.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Arsov sold 29,988 shares of Rumble stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $6.90, for a total value of $206,917.20. Following the sale, the director now directly owns 12,487,349 shares in the company, valued at $86,162,708.10. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,134,005 shares of company stock worth $308,487,045 over the last three months. Company insiders own 70.10% of the company's stock.

Institutional Investors Weigh In On Rumble

Institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its holdings in Rumble by 70.9% during the fourth quarter. IFP Advisors Inc now owns 2,000 shares of the company's stock valued at $26,000 after purchasing an additional 830 shares in the last quarter. Coppell Advisory Solutions LLC acquired a new stake in Rumble during the fourth quarter valued at approximately $35,000. Steward Partners Investment Advisory LLC boosted its holdings in Rumble by 50.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,933 shares of the company's stock valued at $38,000 after purchasing an additional 980 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Rumble in the 3rd quarter worth approximately $70,000. Finally, Barclays PLC boosted its holdings in shares of Rumble by 663.9% in the 3rd quarter. Barclays PLC now owns 13,559 shares of the company's stock worth $72,000 after acquiring an additional 11,784 shares in the last quarter. 26.15% of the stock is owned by institutional investors and hedge funds.

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.