Rumble (NASDAQ:RUM) Trading Up 4.5% - Here's Why

Rumble Inc. (NASDAQ:RUM - Get Free Report)'s share price rose 4.5% during mid-day trading on Tuesday . The stock traded as high as $7.44 and last traded at $7.39. Approximately 1,506,089 shares were traded during trading, a decline of 56% from the average daily volume of 3,455,900 shares. The stock had previously closed at $7.07.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RUM. Wedbush cut their price target on Rumble from $13.00 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 26th. Maxim Group began coverage on shares of Rumble in a research note on Wednesday, January 15th. They set a "buy" rating and a $20.00 target price on the stock.

Rumble Price Performance

The firm has a fifty day moving average of $9.68 and a 200 day moving average of $8.59. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -12.00 and a beta of 0.70.

Rumble (NASDAQ:RUM - Get Free Report) last announced its earnings results on Tuesday, March 25th. The company reported ($1.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($1.02). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The business had revenue of $30.20 million for the quarter, compared to analysts' expectations of $29.74 million. The firm's quarterly revenue was up 48.0% on a year-over-year basis. Research analysts anticipate that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

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Insider Buying and Selling

In other news, CFO Brandon Alexandroff sold 6,828,420 shares of the business's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $7.50, for a total transaction of $51,213,150.00. Following the transaction, the chief financial officer now directly owns 64,210 shares in the company, valued at $481,575. The trade was a 99.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ryan Milnes sold 24,978,210 shares of the firm's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $7.50, for a total value of $187,336,575.00. Following the completion of the sale, the director now directly owns 57,290 shares of the company's stock, valued at $429,675. This represents a 99.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,104,017 shares of company stock worth $308,280,128 in the last ninety days. 70.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. IFP Advisors Inc increased its stake in shares of Rumble by 70.9% during the 4th quarter. IFP Advisors Inc now owns 2,000 shares of the company's stock worth $26,000 after purchasing an additional 830 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in Rumble by 50.2% in the 4th 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. Bank of New York Mellon Corp grew its holdings in shares of Rumble by 12.7% during the fourth 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 in the last quarter. Coppell Advisory Solutions LLC purchased a new position in shares of Rumble during the fourth quarter valued at approximately $35,000. Finally, Sigma Planning Corp lifted its stake in shares of 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 purchasing an additional 3,985 shares during the period. Institutional investors and hedge funds own 26.15% of the company's stock.

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.