Rumble (NASDAQ:RUM) Stock Price Down 4.5% - Here's What Happened

Rumble Inc. (NASDAQ:RUM - Get Free Report)'s stock price traded down 4.5% during trading on Monday . The company traded as low as $7.23 and last traded at $7.24. 655,747 shares were traded during mid-day trading, a decline of 78% from the average session volume of 3,043,534 shares. The stock had previously closed at $7.58.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Maxim Group initiated 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. Wedbush set a $8.00 target price on shares of Rumble and gave the stock a "neutral" rating in a report on Tuesday.

Rumble Stock Performance

The business's fifty day moving average price is $8.47 and its two-hundred day moving average price is $8.72. The firm has a market capitalization of $3.11 billion, a P/E ratio of -11.37 and a beta of 0.70.

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

Insider Transactions at Rumble

In other news, CEO Christopher Pavlovski sold 354,849 shares of the company's stock in a transaction on Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $2,661,367.50. Following the sale, the chief executive officer now directly owns 522,927 shares in the company, valued at $3,921,952.50. This represents a 40.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Tyler Hughes sold 312,727 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 $2,345,452.50. Following the completion of the sale, the chief operating officer now directly owns 65,127 shares of the company's stock, valued at $488,452.50. The trade was a 82.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,104,017 shares of company stock valued at $308,280,128. 70.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. North Star Investment Management Corp. grew its position in Rumble by 60.0% in the 1st quarter. North Star Investment Management Corp. now owns 4,000 shares of the company's stock worth $28,000 after purchasing an additional 1,500 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Rumble by 44.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 103,400 shares of the company's stock worth $1,345,000 after acquiring an additional 31,654 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in Rumble during the 4th quarter worth about $408,000. Two Sigma Investments LP acquired a new stake in shares of Rumble during the fourth quarter valued at approximately $4,093,000. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Rumble in the fourth quarter valued at $753,000. 26.15% of the stock is currently owned by institutional investors.

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.