Rumble (NASDAQ:RUM) Trading 12.8% Higher - Still a Buy?

Rumble Inc. (NASDAQ:RUM - Get Free Report)'s stock price was up 12.8% on Friday . The company traded as high as $7.89 and last traded at $7.87. Approximately 998,784 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 3,122,778 shares. The stock had previously closed at $6.98.

Analysts Set New Price Targets

Separately, Wedbush restated a "neutral" rating and set a $8.00 price objective on shares of Rumble in a report on Wednesday, November 13th.

Rumble Trading Up 20.6 %

The firm's 50-day simple moving average is $6.08 and its two-hundred day simple moving average is $5.98. The stock has a market capitalization of $3.28 billion, a PE ratio of -13.35 and a beta of 0.81.

Rumble (NASDAQ:RUM - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The business had revenue of $25.06 million for the quarter, compared to analyst estimates of $29.25 million. During the same period in the previous year, the firm posted ($0.14) earnings per share. As a group, research analysts expect that Rumble Inc. will post -0.62 earnings per share for the current year.

Insider Transactions at Rumble

In other news, Director Robert Arsov sold 27,500 shares of the firm's stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $5.12, for a total transaction of $140,800.00. Following the completion of the sale, the director now directly owns 12,659,837 shares of the company's stock, valued at $64,818,365.44. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 169,988 shares of company stock valued at $986,517 over the last three months. 72.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings 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 acquiring an additional 130,956 shares during the period. 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 acquiring an additional 24,879 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Rumble by 5.3% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 175,927 shares of the company's stock worth $976,000 after acquiring an additional 8,824 shares during the period. MML Investors Services LLC acquired a new position in Rumble during the 3rd quarter valued at $185,000. Finally, Janus Henderson Group PLC acquired a new position in shares of Rumble during the third quarter valued at about $184,000. Institutional investors and hedge funds own 26.15% of the company's stock.

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.