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

Rumble (NASDAQ:RUM) had its target price cut by equities researchers at Wedbush from $13.00 to $10.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s price target indicates a potential upside of 29.87% from the stock’s current price.

Separately, Maxim Group assumed coverage on shares of Rumble in a report on Wednesday, January 15th. They set a “buy” rating and a $20.00 price target on the stock.

Rumble Stock Down 1.7 %

RUM opened at $7.70 on Wednesday. The company has a market capitalization of $3.00 billion, a PE ratio of -12.22 and a beta of 0.56. The firm has a 50-day simple moving average of $10.33 and a two-hundred day simple moving average of $8.48. Rumble has a 52 week low of $4.92 and a 52 week high of $17.38.

Rumble (NASDAQ:RUM) last issued 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). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The business had revenue of $30.20 million during the quarter, compared to analysts’ expectations of $29.74 million. Rumble’s quarterly revenue was up 48.0% on a year-over-year basis. As a group, sell-side analysts expect that Rumble will post -0.62 earnings per share for the current year.

Insider Transactions at Rumble

In other news, COO Tyler Hughes sold 312,727 shares of Rumble 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 transaction, the chief operating officer now directly owns 65,127 shares in the company, valued at approximately $488,452.50. This trade represents a 82.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher Pavlovski sold 354,849 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 $2,661,367.50. Following the completion of the sale, the chief executive officer now 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,104,017 shares of company stock worth $308,280,128. 70.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RUM. Charles Schwab Investment Management Inc. increased its position in shares of Rumble by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock valued at $2,564,000 after acquiring an additional 24,879 shares during the period. FMR LLC grew its stake in Rumble by 995.3% during the 3rd quarter. FMR LLC now owns 22,387 shares of the company’s stock valued at $120,000 after purchasing an additional 20,343 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Rumble by 20.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company’s stock valued at $166,000 after purchasing an additional 5,348 shares during the last quarter. Janus Henderson Group PLC acquired a new position in shares of Rumble in the third quarter valued at about $184,000. Finally, MML Investors Services LLC purchased a new position in shares of Rumble in the third quarter worth about $185,000. Hedge funds and other 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.