Rumble (NASDAQ:RUM) Trading Down 6.1% – Here’s What Happened

Shares of Rumble Inc. (NASDAQ:RUM) dropped 6.1% during trading on Tuesday . The company traded as low as $8.06 and last traded at $8.11. Approximately 1,121,637 shares changed hands during trading, a decline of 65% from the average daily volume of 3,165,906 shares. The stock had previously closed at $8.64.

Analyst Ratings Changes

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

Rumble Stock Up 1.6 %

The company has a market cap of $2.94 billion, a P/E ratio of -11.97 and a beta of 0.81. The firm has a fifty day moving average price of $6.54 and a 200 day moving average price of $6.06.

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 the consensus estimate of ($0.13) by ($0.02). Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The firm had revenue of $25.06 million during the quarter, compared to the consensus estimate of $29.25 million. During the same quarter in the prior year, the business earned ($0.14) EPS. On average, sell-side analysts anticipate that Rumble Inc. will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Robert Arsov sold 29,988 shares of Rumble stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $6.90, for a total transaction of $206,917.20. Following the transaction, the director now owns 12,487,349 shares of the company’s stock, valued at $86,162,708.10. This trade represents a 0.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 169,988 shares of company stock valued at $986,517. Company insiders own 72.90% of the company’s stock.

Institutional Investors Weigh In On Rumble

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

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.