Rumble (NASDAQ:RUM) Trading 4.5% Higher – Here’s What Happened

Rumble Inc. (NASDAQ:RUM) shares traded up 4.5% during trading on Tuesday . The stock traded as high as $7.44 and last traded at $7.39. 1,506,089 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 3,455,900 shares. The stock had previously closed at $7.07.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Maxim Group started coverage on Rumble in a report on Wednesday, January 15th. They set a “buy” rating and a $20.00 price objective for the company. Wedbush cut their price target on shares of Rumble from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 26th.

Rumble Stock Down 4.6 %

The stock has a market capitalization of $3.00 billion, a P/E ratio of -12.21 and a beta of 0.56. The stock has a 50 day simple moving average of $9.90 and a two-hundred day simple moving average of $8.56.

Rumble (NASDAQ:RUM) last posted its quarterly 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). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The firm had revenue of $30.20 million for the quarter, compared to the consensus estimate of $29.74 million. The firm’s quarterly revenue 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 fiscal year.

Insider Buying and Selling

In other news, Director Ryan Milnes sold 24,978,210 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $7.50, for a total transaction of $187,336,575.00. Following the completion of the sale, the director now owns 57,290 shares in the company, valued at approximately $429,675. This trade represents a 99.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brandon Alexandroff sold 6,828,420 shares of Rumble stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $7.50, for a total transaction of $51,213,150.00. Following the sale, the chief financial officer now directly owns 64,210 shares of the company’s stock, valued at $481,575. The trade was a 99.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,104,017 shares of company stock worth $308,280,128. Company insiders own 70.10% of the company’s stock.

Hedge Funds Weigh In On Rumble

A number of large investors have recently made changes to their positions in RUM. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in 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 purchasing an additional 31,654 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Rumble in the fourth quarter valued at approximately $408,000. Two Sigma Investments LP acquired a new stake in Rumble during the fourth quarter worth approximately $4,093,000. OMERS ADMINISTRATION Corp bought a new position in Rumble during the 4th quarter worth $753,000. Finally, Measured Risk Portfolios Inc. acquired a new position in Rumble in the 4th quarter valued at $65,000. 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.