What is Wedbush’s Forecast for RumbleOn FY2024 Earnings?

RumbleOn, Inc. (NASDAQ:RMBL) – Research analysts at Wedbush cut their FY2024 earnings estimates for shares of RumbleOn in a note issued to investors on Wednesday, November 13th. Wedbush analyst S. Basham now forecasts that the company will post earnings of ($0.89) per share for the year, down from their prior estimate of ($0.48). Wedbush has a “Outperform” rating and a $5.00 price objective on the stock. The consensus estimate for RumbleOn’s current full-year earnings is ($0.55) per share. Wedbush also issued estimates for RumbleOn’s Q4 2024 earnings at ($0.26) EPS, FY2025 earnings at ($0.28) EPS and FY2026 earnings at $0.22 EPS.

Separately, B. Riley reduced their target price on RumbleOn from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday.

RumbleOn Stock Up 1.5 %

NASDAQ:RMBL opened at $5.23 on Friday. The stock’s fifty day simple moving average is $4.87 and its 200-day simple moving average is $4.77. The firm has a market capitalization of $184.72 million, a P/E ratio of -0.62 and a beta of 2.08. The company has a quick ratio of 0.27, a current ratio of 1.12 and a debt-to-equity ratio of 2.23. RumbleOn has a 12-month low of $3.13 and a 12-month high of $8.84.

Hedge Funds Weigh In On RumbleOn

A number of hedge funds and other institutional investors have recently made changes to their positions in RMBL. Virtu Financial LLC bought a new stake in shares of RumbleOn in the 1st quarter valued at $90,000. Rhumbline Advisers grew its stake in RumbleOn by 3,910.5% in the second quarter. Rhumbline Advisers now owns 19,772 shares of the company’s stock valued at $81,000 after acquiring an additional 19,279 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of RumbleOn by 35.9% in the second quarter. Dimensional Fund Advisors LP now owns 29,182 shares of the company’s stock worth $120,000 after acquiring an additional 7,704 shares in the last quarter. Magnus Financial Group LLC acquired a new stake in shares of RumbleOn during the second quarter worth about $127,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of RumbleOn during the second quarter worth about $182,000. 66.14% of the stock is owned by institutional investors.

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.