Rumble (NASDAQ:RUM) Shares Gap Down – Here’s Why

Rumble Inc. (NASDAQ:RUM)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $8.41, but opened at $8.06. Rumble shares last traded at $8.13, with a volume of 250,999 shares changing hands.

Wall Street Analyst Weigh In

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

Rumble Stock Up 2.6 %

The business has a 50-day moving average price of $6.14 and a 200-day moving average price of $5.98. The firm has a market capitalization of $3.25 billion, a PE ratio of -12.90 and a beta of 0.81.

Rumble (NASDAQ:RUM) last posted its quarterly earnings results 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 company had revenue of $25.06 million during the quarter, compared to analysts’ expectations of $29.25 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. During the same quarter last year, the company earned ($0.14) earnings per share. On average, equities research analysts anticipate that Rumble Inc. will post -0.62 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Robert Arsov sold 27,500 shares of the firm’s stock in a transaction on 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 $64,818,365.44. This trade represents a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders sold 169,988 shares of company stock worth $986,517. Company insiders own 72.90% of the company’s stock.

Institutional Trading of Rumble

Several hedge funds have recently modified their holdings of RUM. Bank of New York Mellon Corp acquired a new stake in Rumble in the second quarter valued at $66,000. SG Americas Securities LLC purchased a new position in shares of Rumble during the second quarter worth about $67,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Rumble during the second quarter worth about $142,000. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Rumble by 5.3% during 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 last quarter. Finally, Arizona State Retirement System purchased a new position in shares of Rumble during the second quarter worth about $91,000. 26.15% of the stock is currently owned by institutional investors and hedge funds.

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.