Rumble (NASDAQ:RUM) Shares Up 9.5% - Time to Buy?

Rumble Inc. (NASDAQ:RUM - Get Free Report) shot up 9.5% during mid-day trading on Wednesday . The company traded as high as $11.26 and last traded at $11.18. 1,568,300 shares were traded during trading, a decline of 65% from the average session volume of 4,521,853 shares. The stock had previously closed at $10.21.

Wall Street Analysts Forecast Growth

RUM has been the topic of several analyst reports. Wedbush reiterated a "neutral" rating and issued a $8.00 target price on shares of Rumble in a report on Wednesday, November 13th. Maxim Group initiated coverage on Rumble in a research note on Wednesday. They set a "buy" rating and a $20.00 price objective on the stock.

Rumble Stock Performance

The stock has a market capitalization of $4.24 billion, a price-to-earnings ratio of -17.27 and a beta of 0.52. The firm's fifty day simple moving average is $8.99 and its 200 day simple moving average is $6.93.

Rumble (NASDAQ:RUM - Get Free Report) last released its 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 for 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 quarter last year, the company posted ($0.14) EPS. Analysts forecast that Rumble Inc. will post -0.62 earnings per share for the current year.

Insider Buying and Selling at Rumble

In other news, Director Robert Arsov sold 29,988 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was 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 in the company, valued at $86,162,708.10. This trade represents a 0.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 114,988 shares of company stock worth $701,617. Corporate insiders own 72.90% of the company's stock.

Institutional Trading of Rumble

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new position in shares of Rumble during the 2nd quarter worth approximately $66,000. Virtu Financial LLC bought a new stake in Rumble during the third quarter worth $70,000. Barclays PLC lifted its stake in Rumble by 663.9% in the third quarter. Barclays PLC now owns 13,559 shares of the company's stock valued at $72,000 after acquiring an additional 11,784 shares during the last quarter. RIA Advisory Group LLC acquired a new position in shares of Rumble during the 3rd quarter worth about $81,000. Finally, Arizona State Retirement System bought a new stake in shares of Rumble in the 2nd quarter valued at about $91,000. Institutional investors 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.