Wedbush Issues Pessimistic Forecast for Rumble (NASDAQ:RUM) Stock Price

Rumble (NASDAQ:RUM - Free Report) had its target price reduced by Wedbush from $13.00 to $10.00 in a research report report published on Wednesday morning,Benzinga reports. Wedbush currently has a neutral rating on the stock. Wedbush also issued estimates for Rumble's Q1 2025 earnings at ($0.08) EPS, Q2 2025 earnings at ($0.10) EPS, Q3 2025 earnings at ($0.11) EPS, Q4 2025 earnings at ($0.06) EPS, FY2025 earnings at ($0.35) EPS and FY2026 earnings at ($0.29) EPS.

Separately, Maxim Group began coverage on shares of Rumble in a research report on Wednesday, January 15th. They set a "buy" rating and a $20.00 target price for the company.

Rumble Trading Down 6.0 %

Shares of RUM traded down $0.46 on Wednesday, reaching $7.24. 2,384,114 shares of the company's stock traded hands, compared to its average volume of 3,054,230. The stock's 50 day simple moving average is $10.21 and its two-hundred day simple moving average is $8.52. The stock has a market cap of $2.82 billion, a PE ratio of -11.49 and a beta of 0.56. Rumble has a 52-week low of $4.92 and a 52-week high of $17.40.

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

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Insider Activity

In other news, COO Tyler Hughes sold 312,727 shares of the firm'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 $2,345,452.50. Following the completion of the transaction, the chief operating officer now directly owns 65,127 shares of the company's stock, valued at $488,452.50. This trade represents a 82.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ryan Milnes sold 24,978,210 shares of the business's stock in a transaction 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 sale, the director now owns 57,290 shares in the company, valued at approximately $429,675. The trade was 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 valued at $308,280,128 in the last 90 days. Insiders own 70.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Rumble by 44.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 103,400 shares of the company's stock valued at $1,345,000 after acquiring an additional 31,654 shares during the period. Voloridge Investment Management LLC bought a new position in Rumble in the 4th quarter valued at $408,000. Two Sigma Investments LP purchased a new position in shares of Rumble during the 4th quarter valued at $4,093,000. OMERS ADMINISTRATION Corp bought a new position in shares of Rumble in the fourth quarter worth $753,000. Finally, Measured Risk Portfolios Inc. purchased a new stake in shares of Rumble in the fourth quarter worth $65,000. Hedge funds and other institutional investors 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.