Rumble (NASDAQ:RUM) Shares Gap Up on Insider Buying Activity

Rumble Inc. (NASDAQ:RUM)’s stock price gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $5.69, but opened at $6.00. Rumble shares last traded at $6.3210, with a volume of 1,520,808 shares trading hands.

Specifically, major shareholder Holdings S.A. De C.V. Tether purchased 270,478 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was purchased at an average price of $5.46 per share, with a total value of $1,476,809.88. Following the acquisition, the insider owned 104,397,003 shares in the company, valued at approximately $570,007,636.38. The trade was a 0.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holdings S.A. De C.V. Tether acquired 440,000 shares of the firm’s stock in a transaction on Thursday, November 20th. The shares were bought at an average price of $5.38 per share, for a total transaction of $2,367,200.00. Following the completion of the transaction, the insider owned 104,126,525 shares of the company’s stock, valued at approximately $560,200,704.50. This trade represents a 0.42% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In related news, major shareholder Holdings S.A. De C.V. Tether acquired 353,192 shares of the stock in a transaction dated Wednesday, November 19th. The stock was acquired at an average cost of $5.45 per share, with a total value of $1,924,896.40. Following the purchase, the insider directly owned 103,686,525 shares of the company’s stock, valued at approximately $565,091,561.25. This trade represents a 0.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

RUM has been the topic of several recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Rumble in a report on Wednesday, October 8th. Wall Street Zen cut shares of Rumble from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $14.00.

Rumble Price Performance

The firm has a market capitalization of $2.83 billion, a P/E ratio of -4.86 and a beta of 0.69. The firm has a 50-day moving average price of $6.96 and a two-hundred day moving average price of $8.08.

Rumble (NASDAQ:RUM) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). Rumble had a negative return on equity of 78.52% and a negative net margin of 275.47%.The company had revenue of $24.76 million during the quarter, compared to the consensus estimate of $26.86 million. The business’s revenue was down 1.2% 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.

Hedge Funds Weigh In On Rumble

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Rumble by 20.2% during the first quarter. Vanguard Group Inc. now owns 9,585,466 shares of the company’s stock valued at $67,769,000 after acquiring an additional 1,612,891 shares in the last quarter. Geode Capital Management LLC raised its position in Rumble by 57.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,373,070 shares of the company’s stock valued at $21,313,000 after purchasing an additional 864,677 shares in the last quarter. UBS Group AG raised its position in Rumble by 4.6% during the 3rd quarter. UBS Group AG now owns 1,064,072 shares of the company’s stock valued at $7,704,000 after purchasing an additional 46,925 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rumble by 41.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 698,074 shares of the company’s stock worth $4,935,000 after buying an additional 205,281 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Rumble by 0.4% during the 2nd quarter. Bank of America Corp DE now owns 637,500 shares of the company’s stock worth $5,725,000 after buying an additional 2,678 shares in the last quarter. 26.15% of the stock is owned by hedge funds and other 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.