Rumble (NASDAQ:RUM) Trading Down 6%

Shares of Rumble Inc. (NASDAQ:RUM) fell 6% on Wednesday . The stock traded as low as $6.43 and last traded at $6.46. 423,361 shares were traded during trading, a decline of 89% from the average session volume of 3,858,645 shares. The stock had previously closed at $6.87.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RUM. Oppenheimer reiterated a “market perform” rating on shares of Rumble in a report on Thursday, March 28th. Wedbush started coverage on shares of Rumble in a report on Wednesday, July 17th. They issued a “neutral” rating and a $8.00 price target on the stock.

Rumble Price Performance

The company’s fifty day moving average is $6.18 and its 200 day moving average is $6.47.

Rumble (NASDAQ:RUM) last posted its quarterly earnings data on Tuesday, May 14th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.04. The company had revenue of $17.73 million for the quarter, compared to analyst estimates of $18.27 million. Rumble had a negative net margin of 161.62% and a negative return on equity of 46.51%. During the same quarter last year, the firm posted ($0.10) earnings per share. As a group, equities analysts expect that Rumble Inc. will post -0.56 EPS for the current fiscal year.

Insider Activity

In other news, Director Robert Arsov sold 35,012 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $6.70, for a total transaction of $234,580.40. Following the completion of the sale, the director now owns 15,278,902 shares of the company’s stock, valued at $102,368,643.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 247,512 shares of company stock worth $1,547,680 over the last 90 days. Company insiders own 72.90% of the company’s stock.

Institutional Trading of Rumble

A number of hedge funds have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. boosted its holdings in Rumble by 5.3% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 175,927 shares of the company’s stock worth $976,000 after purchasing an additional 8,824 shares during the period. Bank of New York Mellon Corp acquired a new position in Rumble in the second quarter worth $66,000. Red Door Wealth Management LLC boosted its holdings in Rumble by 129.6% in the second quarter. Red Door Wealth Management LLC now owns 24,015 shares of the company’s stock worth $133,000 after purchasing an additional 13,555 shares during the period. SG Americas Securities LLC acquired a new position in Rumble in the second quarter worth $67,000. Finally, Virtu Financial LLC acquired a new position in Rumble in the first quarter worth $339,000. Institutional investors and hedge funds own 26.15% of the company’s stock.

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.