Short Interest in RumbleOn, Inc. (NASDAQ:RMBL) Expands By 54.5%

RumbleOn, Inc. (NASDAQ:RMBL) saw a large increase in short interest in July. As of July 15th, there was short interest totalling 1,560,000 shares, an increase of 54.5% from the June 30th total of 1,010,000 shares. Based on an average daily trading volume, of 237,600 shares, the short-interest ratio is presently 6.6 days.

Hedge Funds Weigh In On RumbleOn

Several institutional investors and hedge funds have recently bought and sold shares of RMBL. Cannon Global Investment Management LLC bought a new position in RumbleOn during the 1st quarter worth approximately $65,000. Empowered Funds LLC grew its position in shares of RumbleOn by 8.1% in the 1st quarter. Empowered Funds LLC now owns 58,300 shares of the company’s stock worth $377,000 after buying an additional 4,375 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of RumbleOn in the 1st quarter worth approximately $90,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of RumbleOn in the 2nd quarter worth approximately $182,000. 66.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wedbush reissued an “outperform” rating and set a $7.00 price objective on shares of RumbleOn in a report on Thursday, May 9th.

RumbleOn Trading Up 2.1 %

RMBL traded up $0.09 on Friday, hitting $4.29. 64,754 shares of the company were exchanged, compared to its average volume of 450,470. The firm has a fifty day simple moving average of $4.83 and a two-hundred day simple moving average of $5.85. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.24 and a current ratio of 1.10. RumbleOn has a 12 month low of $3.32 and a 12 month high of $12.03. The stock has a market capitalization of $151.27 million, a PE ratio of -0.43 and a beta of 2.10.

RumbleOn (NASDAQ:RMBL) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.20). RumbleOn had a negative return on equity of 82.79% and a negative net margin of 15.59%. The company had revenue of $307.80 million for the quarter, compared to the consensus estimate of $338.11 million. Sell-side analysts expect that RumbleOn will post -0.5 earnings per share for the current year.

About RumbleOn

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products.