Rumble (NASDAQ:RUM) Trading 12.8% Higher – Here’s What Happened

Rumble Inc. (NASDAQ:RUM)’s share price traded up 12.8% during mid-day trading on Friday . The company traded as high as $7.89 and last traded at $7.87. 998,784 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 3,122,778 shares. The stock had previously closed at $6.98.

Wall Street Analysts Forecast Growth

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

Rumble Stock Up 18.2 %

The stock has a fifty day moving average of $6.02 and a 200-day moving average of $5.99. The firm has a market capitalization of $3.21 billion, a P/E ratio of -13.33 and a beta of 0.81.

Rumble (NASDAQ:RUM) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $25.06 million for the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted ($0.14) earnings per share. As a group, analysts forecast that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 completion of the transaction, the director now directly owns 12,659,837 shares in the company, valued at approximately $64,818,365.44. The trade was a 0.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders sold 169,988 shares of company stock valued at $986,517. 72.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rumble

Several institutional investors have recently modified their holdings of RUM. Redwood Wealth Management Group LLC acquired a new position in shares of Rumble in the 2nd quarter valued at approximately $30,000. Bank of New York Mellon Corp bought a new stake in shares of Rumble during the 2nd quarter worth approximately $66,000. SG Americas Securities LLC bought a new stake in Rumble in the 2nd quarter valued at $67,000. Virtu Financial LLC bought a new stake in Rumble in the 3rd quarter valued at $70,000. Finally, Barclays PLC grew its holdings in Rumble by 663.9% in the 3rd quarter. Barclays PLC now owns 13,559 shares of the company’s stock valued at $72,000 after buying an additional 11,784 shares in the last quarter. 26.15% of the stock is currently owned by institutional investors and hedge funds.

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.