Rumble (NASDAQ:RUM) Trading 1.9% Higher – Still a Buy?

Shares of Rumble Inc. (NASDAQ:RUM) were up 1.9% during mid-day trading on Thursday . The stock traded as high as $6.50 and last traded at $6.31. Approximately 1,635,824 shares were traded during trading, a decline of 2% from the average daily volume of 1,674,242 shares. The stock had previously closed at $6.19.

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 investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $8.00.

Rumble Trading Up 1.9%

The business has a 50 day moving average of $6.54 and a 200-day moving average of $7.33. The stock has a market cap of $2.74 billion, a PE ratio of -4.71 and a beta of 0.69.

Rumble (NASDAQ:RUM) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.08) earnings per share 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 analyst estimates of $26.86 million. Rumble’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities research analysts anticipate that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Holdings S.A. De C.V. Tether bought 440,000 shares of Rumble stock in a transaction on Thursday, November 20th. The shares were bought at an average cost of $5.38 per share, for a total transaction of $2,367,200.00. Following the acquisition, the insider owned 104,126,525 shares in the company, valued at approximately $560,200,704.50. This trade represents a 0.42% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders have bought 1,063,670 shares of company stock valued at $5,768,906. Insiders own 45.10% of the company’s stock.

Hedge Funds Weigh In On Rumble

Several large investors have recently added to or reduced their stakes in the business. Silver Oak Securities Incorporated raised its holdings in Rumble by 3.7% in the third quarter. Silver Oak Securities Incorporated now owns 38,939 shares of the company’s stock valued at $282,000 after buying an additional 1,400 shares during the period. Merit Financial Group LLC raised its stake in shares of Rumble by 12.7% in the 3rd quarter. Merit Financial Group LLC now owns 14,038 shares of the company’s stock valued at $102,000 after acquiring an additional 1,577 shares during the period. RIA Advisory Group LLC lifted its holdings in shares of Rumble by 12.1% during the 3rd quarter. RIA Advisory Group LLC now owns 16,725 shares of the company’s stock valued at $121,000 after acquiring an additional 1,800 shares in the last quarter. CWM LLC lifted its holdings in shares of Rumble by 41.9% during the 2nd quarter. CWM LLC now owns 6,238 shares of the company’s stock valued at $56,000 after acquiring an additional 1,843 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in Rumble by 12.9% during the 3rd quarter. ProShare Advisors LLC now owns 18,248 shares of the company’s stock worth $132,000 after purchasing an additional 2,091 shares during the period. 26.15% of the stock is currently owned by hedge funds and other institutional investors.

About Rumble

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.