Rumble (NASDAQ:RUM) Shares Up 9.2% – Here’s Why

Rumble Inc. (NASDAQ:RUM) shares were up 9.2% during mid-day trading on Monday . The company traded as high as $7.14 and last traded at $7.09. Approximately 1,703,851 shares changed hands during trading, a decline of 45% from the average daily volume of 3,106,817 shares. The stock had previously closed at $6.49.

Wall Street Analyst Weigh In

Separately, Wedbush restated a “neutral” rating and issued a $8.00 price objective on shares of Rumble in a research report on Wednesday, November 13th.

Rumble Stock Performance

The company’s 50-day moving average price is $5.70 and its two-hundred day moving average price is $5.97. The stock has a market cap of $2.85 billion, a PE ratio of -11.25 and a beta of 0.72.

Rumble (NASDAQ:RUM) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The firm had revenue of $25.06 million during the quarter, compared to analysts’ expectations of $29.25 million. Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. During the same quarter in the previous year, the company posted ($0.14) earnings per share. Equities research analysts forecast that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert Arsov sold 27,500 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $5.12, for a total transaction of $140,800.00. Following the transaction, the director now owns 12,659,837 shares in the company, valued at $64,818,365.44. The trade was a 0.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 195,000 shares of company stock worth $1,086,500 in the last 90 days. 72.90% of the stock is owned by company insiders.

Institutional Trading of Rumble

Several large investors have recently bought and sold shares of RUM. Redwood Wealth Management Group LLC purchased a new stake in shares of Rumble during the second quarter valued at approximately $30,000. Coppell Advisory Solutions Corp. purchased a new stake in Rumble during the 1st quarter valued at $81,000. Bank of New York Mellon Corp bought a new stake in shares of Rumble in the 2nd quarter worth $66,000. SG Americas Securities LLC purchased a new position in shares of Rumble in the second quarter worth $67,000. Finally, Virtu Financial LLC bought a new position in shares of Rumble during the third quarter valued at $70,000. 26.15% of the stock is owned by 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.