Rumble (NASDAQ:RUM) Shares Down 9.3% - Time to Sell?

Shares of Rumble Inc. (NASDAQ:RUM - Get Free Report) fell 9.3% during trading on Wednesday . The company traded as low as $11.91 and last traded at $12.04. 1,611,318 shares traded hands during trading, a decline of 64% from the average session volume of 4,460,772 shares. The stock had previously closed at $13.28.

Wall Street Analyst Weigh In

Separately, Wedbush reiterated 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 12.3 %

The business has a fifty day moving average of $8.47 and a 200-day moving average of $6.74. The firm has a market cap of $4.54 billion, a PE ratio of -18.49 and a beta of 0.52.

Rumble (NASDAQ:RUM - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The firm had revenue of $25.06 million during the quarter, compared to analysts' expectations 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 in the previous year, the company posted ($0.14) earnings per share. On average, equities analysts forecast that Rumble Inc. will post -0.62 EPS for the current year.

Insider Activity

In other Rumble news, Director Robert Arsov sold 29,988 shares of the business's 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 completion of the transaction, the director now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 114,988 shares of company stock worth $701,617 in the last three months. Corporate insiders own 72.90% of the company's stock.

Institutional Trading of Rumble

A number of hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in Rumble by 14.5% during the third quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company's stock valued at $5,553,000 after purchasing an additional 130,956 shares in the last quarter. MML Investors Services LLC purchased a new position in shares of Rumble during the 3rd quarter valued at about $185,000. Janus Henderson Group PLC bought a new stake in Rumble in the 3rd quarter worth approximately $184,000. Total Clarity Wealth Management Inc. purchased a new stake in Rumble in the second quarter worth approximately $161,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Rumble during the second quarter valued at approximately $142,000. 26.15% of the stock is owned by institutional investors.

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.