Wedbush Has Lowered Expectations for Rumble (NASDAQ:RUM) Stock Price

Rumble (NASDAQ:RUM) had its price target cut by research analysts at Wedbush from $13.00 to $10.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s price objective points to a potential upside of 25.25% from the stock’s previous close.

Separately, Maxim Group began coverage on Rumble in a research report on Wednesday, January 15th. They issued a “buy” rating and a $20.00 price target for the company.

Rumble Price Performance

Shares of NASDAQ:RUM traded down $0.05 during mid-day trading on Wednesday, hitting $7.98. The company had a trading volume of 713,708 shares, compared to its average volume of 3,098,081. The company has a market capitalization of $3.11 billion, a PE ratio of -12.56 and a beta of 0.56. Rumble has a one year low of $4.92 and a one year high of $17.38. The firm has a fifty day moving average price of $10.48 and a 200 day moving average price of $8.49.

Rumble (NASDAQ:RUM) last issued its earnings results on Tuesday, March 25th. The company reported ($1.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($1.02). Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The firm had revenue of $30.20 million during the quarter, compared to analyst estimates of $29.74 million. The business’s revenue was up 48.0% on a year-over-year basis. Research analysts expect that Rumble will post -0.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Christopher Pavlovski sold 354,849 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $2,661,367.50. Following the sale, the chief executive officer now owns 522,927 shares in the company, valued at approximately $3,921,952.50. This trade represents a 40.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Claudio Ramolo sold 4,812,646 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $36,094,845.00. Following the transaction, the insider now owns 14,283 shares of the company’s stock, valued at approximately $107,122.50. The trade was a 99.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,104,017 shares of company stock valued at $308,280,128. Insiders own 70.10% of the company’s stock.

Institutional Trading of Rumble

A number of large investors have recently modified their holdings of the business. D. E. Shaw & Co. Inc. boosted its stake in shares of Rumble by 9,234.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,351,803 shares of the company’s stock valued at $17,587,000 after purchasing an additional 1,337,321 shares in the last quarter. Millennium Management LLC grew its position in shares of Rumble by 287.7% in the 4th quarter. Millennium Management LLC now owns 781,747 shares of the company’s stock worth $10,171,000 after buying an additional 580,105 shares during the last quarter. Two Sigma Investments LP purchased a new position in shares of Rumble during the fourth quarter valued at approximately $4,093,000. Balyasny Asset Management L.P. purchased a new stake in Rumble in the fourth quarter worth $3,966,000. Finally, Centiva Capital LP bought a new stake in Rumble in the fourth quarter valued at $3,304,000. 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.