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

Rumble Inc. (NASDAQ:RUM) – Investment analysts at Wedbush dropped their FY2024 earnings per share estimates for Rumble in a report issued on Wednesday, November 13th. Wedbush analyst S. Devitt now anticipates that the company will post earnings of ($0.60) per share for the year, down from their prior estimate of ($0.53). Wedbush currently 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) last issued its earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $25.06 million during the quarter, compared to analyst estimates of $29.25 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. During the same quarter last year, the business posted ($0.14) earnings per share.

Rumble Stock Down 5.1 %

RUM opened at $5.61 on Friday. Rumble has a 12-month low of $3.33 and a 12-month high of $9.20. The business has a 50 day moving average of $5.63 and a 200-day moving average of $6.01. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -8.90 and a beta of 0.72.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Redwood Wealth Management Group LLC acquired a new position in shares of Rumble in the second quarter valued at about $30,000. Coppell Advisory Solutions Corp. bought a new stake in shares of Rumble during the 1st quarter worth approximately $81,000. Bank of New York Mellon Corp bought a new position in Rumble in the second quarter valued at approximately $66,000. SG Americas Securities LLC acquired a new position in Rumble during the second quarter valued at approximately $67,000. Finally, Barclays PLC lifted its stake in Rumble by 663.9% during the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock worth $72,000 after purchasing an additional 11,784 shares during the last quarter. 26.15% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Rumble

In other news, Director Robert Arsov sold 27,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.59, for a total transaction of $153,725.00. Following the transaction, 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 Securities & Exchange Commission, which is accessible through this link. Insiders sold 195,000 shares of company stock valued at $1,086,500 in the last quarter. 72.90% of the stock is currently owned by insiders.

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.