Rumble (NASDAQ:RUM) Trading Down 4.2% – Here’s What Happened

Rumble Inc. (NASDAQ:RUM) was down 4.2% on Wednesday . The stock traded as low as $6.32 and last traded at $6.2850. Approximately 1,727,703 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 3,046,236 shares. The stock had previously closed at $6.56.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Rumble in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $14.00.

Rumble Price Performance

The company has a fifty day moving average price of $6.57 and a two-hundred day moving average price of $7.61. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of -4.72 and a beta of 0.69.

Rumble (NASDAQ:RUM) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate 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 business had revenue of $24.76 million during the quarter, compared to the consensus estimate of $26.86 million. The company’s revenue was down 1.2% compared to the same quarter last year. On average, research analysts expect that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Activity at Rumble

In other Rumble news, major shareholder Holdings S.A. De C.V. Tether bought 270,478 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was acquired at an average cost of $5.46 per share, with a total value of $1,476,809.88. Following the completion of the purchase, the insider directly owned 104,397,003 shares in the company, valued at approximately $570,007,636.38. This trade represents a 0.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have purchased 1,063,670 shares of company stock valued at $5,768,906. 45.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in shares of Rumble by 137.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 89,119 shares of the company’s stock valued at $645,000 after acquiring an additional 51,636 shares during the last quarter. RIA Advisory Group LLC raised its position in shares of Rumble by 12.1% during the third quarter. RIA Advisory Group LLC now owns 16,725 shares of the company’s stock worth $121,000 after purchasing an additional 1,800 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of Rumble during the third quarter valued at $82,000. Prelude Capital Management LLC purchased a new stake in shares of Rumble during the third quarter valued at $395,000. Finally, Numerai GP LLC acquired a new position in shares of Rumble in the 3rd quarter valued at $602,000. Institutional investors and hedge funds own 26.15% of the company’s stock.

Rumble Company Profile

Rumble Inc operates a video-sharing platform designed to offer creators and audiences an alternative to traditional social media and streaming services. The company’s primary business activities include hosting, distributing and monetizing user–generated and professional video content. Through its platform, Rumble enables content creators to retain a higher share of advertising revenue and maintain greater control over their intellectual property, while offering viewers open access to a wide range of videos spanning news, sports, entertainment and educational programming.

In addition to its core video platform, Rumble provides cloud–based video hosting and delivery services via Rumble Cloud, a content–delivery network (CDN) designed to support high–volume streaming and storage.