Rumble (NASDAQ:RUM) Stock Price Up 9.5% – Here’s Why

Rumble Inc. (NASDAQ:RUM)’s share price shot up 9.5% on Wednesday . The stock traded as high as $11.26 and last traded at $11.18. 1,568,300 shares changed hands during trading, a decline of 65% from the average session volume of 4,521,853 shares. The stock had previously closed at $10.21.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RUM. Maxim Group assumed coverage on Rumble in a research note on Wednesday. They set a “buy” rating and a $20.00 price objective for the company. Wedbush reaffirmed a “neutral” rating and issued a $8.00 price target on shares of Rumble in a report on Wednesday, November 13th.

Rumble Trading Up 6.9 %

The stock has a market cap of $4.25 billion, a P/E ratio of -17.32 and a beta of 0.52. The firm’s 50-day simple moving average is $8.99 and its 200 day simple moving average is $6.93.

Rumble (NASDAQ:RUM) last announced 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). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The business had revenue of $25.06 million for the quarter, compared to analyst estimates of $29.25 million. During the same quarter last year, the firm posted ($0.14) EPS. On average, analysts anticipate that Rumble Inc. will post -0.62 EPS for the current year.

Insider Transactions at Rumble

In other Rumble news, Director Robert Arsov sold 27,500 shares of Rumble stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $5.69, for a total value of $156,475.00. Following the transaction, the director now owns 12,577,337 shares in the company, valued at approximately $71,565,047.53. The trade was a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 114,988 shares of company stock valued at $701,617. Company insiders own 72.90% of the company’s stock.

Institutional Investors Weigh In On Rumble

Several hedge funds have recently made changes to their positions in the company. Gleason Group Inc. acquired a new position in Rumble during the fourth quarter valued at $212,000. Virtu Financial LLC purchased a new position in Rumble during the 3rd quarter valued at about $70,000. Barclays PLC increased its holdings in shares of Rumble by 663.9% in the 3rd 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 period. Geode Capital Management LLC boosted its holdings in shares of Rumble by 14.5% during the third quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock worth $5,553,000 after purchasing an additional 130,956 shares during the period. Finally, MML Investors Services LLC purchased a new position in Rumble during the third quarter valued at approximately $185,000. Hedge funds and other institutional investors 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.