Rumble (NASDAQ:RUM) Shares Down 5% – Here’s Why

Rumble Inc. (NASDAQ:RUM)’s stock price fell 5% on Wednesday . The company traded as low as $6.06 and last traded at $6.13. 1,185,312 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 3,032,362 shares. The stock had previously closed at $6.45.

Wall Street Analyst Weigh In

Separately, Wedbush reissued a “neutral” rating and issued a $8.00 price target on shares of Rumble in a research report on Tuesday, August 13th.

Rumble Stock Down 0.7 %

The company has a market cap of $2.26 billion, a PE ratio of -9.45 and a beta of 0.74. The company’s fifty day moving average is $5.55 and its 200-day moving average is $6.03.

Rumble (NASDAQ:RUM) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.03). Rumble had a negative net margin of 163.37% and a negative return on equity of 54.31%. The business had revenue of $22.47 million for the quarter, compared to analysts’ expectations of $19.69 million. Equities research analysts expect that Rumble Inc. will post -0.55 EPS for the current fiscal year.

Insider Activity at Rumble

In other Rumble news, Director Robert Arsov sold 27,500 shares of Rumble stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $5.57, for a total transaction of $153,175.00. Following the transaction, the director now owns 14,824,837 shares of the company’s stock, valued at $82,574,342.09. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 137,500 shares of company stock worth $753,225. 72.90% of the stock is owned by company insiders.

Institutional Trading of Rumble

Several institutional investors have recently made changes to their positions in the business. Redwood Wealth Management Group LLC purchased a new stake in shares of Rumble during the 2nd quarter worth approximately $30,000. Bank of New York Mellon Corp bought a new position in Rumble during the second quarter valued at $66,000. SG Americas Securities LLC purchased a new position in shares of Rumble in the 2nd quarter worth $67,000. Coppell Advisory Solutions Corp. bought a new stake in shares of Rumble in the 1st quarter worth about $81,000. Finally, Solano Wealth Management Inc. purchased a new stake in shares of Rumble during the 2nd quarter valued at about $83,000. Hedge funds and other institutional investors 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.