Wedbush Comments on Rumble's FY2024 Earnings (NASDAQ:RUM)

Rumble Inc. (NASDAQ:RUM - Free Report) - Research analysts at Wedbush dropped their FY2024 EPS estimates for Rumble in a report issued on Wednesday, November 13th. Wedbush analyst S. Devitt now forecasts that the company will post earnings of ($0.60) per share for the year, down from their previous estimate of ($0.53). Wedbush has a "Neutral" rating and a $8.00 price target on the stock. The consensus estimate for Rumble's current full-year earnings is ($0.55) per share. Wedbush also issued estimates for Rumble's Q4 2024 earnings at ($0.11) EPS, FY2025 earnings at ($0.33) EPS and FY2026 earnings at ($0.26) EPS.

Rumble (NASDAQ:RUM - Get Free Report) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.03). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The company had revenue of $22.47 million during the quarter, compared to the consensus estimate of $19.69 million.

Rumble Price Performance

RUM stock traded down $0.30 during trading on Friday, reaching $5.61. The company had a trading volume of 2,795,229 shares, compared to its average volume of 3,071,418. The company has a market cap of $2.18 billion, a P/E ratio of -8.90 and a beta of 0.72. Rumble has a 52 week low of $3.33 and a 52 week high of $9.20. The business has a 50 day moving average of $5.62 and a 200 day moving average of $6.02.

Insider Activity

In related news, Director Robert Arsov sold 27,500 shares of the firm's stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.59, for a total value of $153,725.00. Following the sale, the director now owns 14,769,837 shares in the company, valued at approximately $82,563,388.83. This trade represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 195,000 shares of company stock worth $1,086,500 over the last 90 days. 72.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RUM. Redwood Wealth Management Group LLC bought a new position in Rumble in the second quarter worth approximately $30,000. Bank of New York Mellon Corp bought a new stake in shares of Rumble during the 2nd quarter valued at $66,000. SG Americas Securities LLC bought a new stake in shares of Rumble during the 2nd quarter valued at $67,000. Barclays PLC raised its position in shares of Rumble by 663.9% during the 3rd quarter. Barclays PLC now owns 13,559 shares of the company's stock valued at $72,000 after purchasing an additional 11,784 shares during the period. Finally, Coppell Advisory Solutions Corp. bought a new stake in shares of Rumble during the 1st quarter valued at $81,000. 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.