Rumble Inc. (NASDAQ:RUM) Short Interest Up 21.5% in February

Rumble Inc. (NASDAQ:RUM) was the recipient of a large increase in short interest in February. As of February 27th, there was short interest totaling 27,748,557 shares, an increase of 21.5% from the February 12th total of 22,835,738 shares. Currently, 21.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,541,109 shares, the days-to-cover ratio is currently 18.0 days. Based on an average daily trading volume, of 1,541,109 shares, the days-to-cover ratio is currently 18.0 days. Currently, 21.3% of the shares of the stock are sold short.

Insider Activity

In related news, major shareholder Tether Global Investments Fund acquired 44,355 shares of the company’s stock in a transaction dated Friday, February 6th. The stock was bought at an average cost of $5.48 per share, with a total value of $243,065.40. Following the acquisition, the insider owned 105,174,015 shares of the company’s stock, valued at approximately $576,353,602.20. The trade was a 0.04% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have acquired 777,012 shares of company stock worth $4,222,236. Insiders own 70.10% of the company’s stock.

Institutional Trading of Rumble

Several hedge funds have recently added to or reduced their stakes in RUM. Geode Capital Management LLC increased its holdings in shares of Rumble by 57.3% in the second quarter. Geode Capital Management LLC now owns 2,373,070 shares of the company’s stock worth $21,313,000 after buying an additional 864,677 shares during the period. Intech Investment Management LLC bought a new position in Rumble during the 2nd quarter worth approximately $352,000. Neo Ivy Capital Management purchased a new position in Rumble in the 3rd quarter worth approximately $1,563,000. Handelsbanken Fonder AB bought a new stake in Rumble in the second quarter valued at approximately $171,000. Finally, Entropy Technologies LP lifted its position in Rumble by 65.9% in the second quarter. Entropy Technologies LP now owns 21,150 shares of the company’s stock valued at $190,000 after purchasing an additional 8,404 shares during the last quarter. 26.15% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Rumble in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Rumble currently has an average rating of “Reduce” and an average target price of $8.00.

Rumble Stock Performance

RUM traded up $0.01 during midday trading on Monday, hitting $5.34. The stock had a trading volume of 690,642 shares, compared to its average volume of 2,049,051. Rumble has a 1 year low of $4.67 and a 1 year high of $10.99. The business has a fifty day moving average of $5.89 and a 200 day moving average of $6.59. The company has a market cap of $2.32 billion, a P/E ratio of -16.70 and a beta of 0.70.

Rumble (NASDAQ:RUM) last posted its quarterly earnings results on Thursday, March 5th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Rumble had a negative return on equity of 39.76% and a negative net margin of 81.32%.The business had revenue of $27.07 million for the quarter, compared to analysts’ expectations of $27.09 million. During the same period last year, the business posted ($1.15) earnings per share. The company’s revenue was down 10.3% compared to the same quarter last year. On average, equities research analysts anticipate that Rumble will post -0.62 earnings per share for the current year.

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.