Insider Selling: Rumble Inc. (NASDAQ:RUM) CTO Sells $28,628,737.50 in Stock

Rumble Inc. (NASDAQ:RUM) CTO Wojciech Hlibowicki sold 3,817,165 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $28,628,737.50. Following the completion of the transaction, the chief technology officer now owns 4,592 shares of the company’s stock, valued at $34,440. This trade represents a 99.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Rumble Stock Performance

NASDAQ RUM opened at $11.30 on Friday. The stock has a 50-day simple moving average of $11.47 and a two-hundred day simple moving average of $7.84. The firm has a market capitalization of $4.40 billion, a P/E ratio of -17.94 and a beta of 0.50. Rumble Inc. has a fifty-two week low of $4.92 and a fifty-two week high of $17.40.

Rumble (NASDAQ:RUM) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $25.06 million for the quarter, compared to analysts’ expectations of $29.25 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. During the same quarter in the previous year, the business posted ($0.14) EPS. As a group, analysts forecast that Rumble Inc. will post -0.62 earnings per share for the current year.

Hedge Funds Weigh In On Rumble

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of Rumble by 14.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock valued at $5,553,000 after buying an additional 130,956 shares during the last quarter. Barclays PLC raised its stake in shares of Rumble by 663.9% during the 3rd quarter. Barclays PLC now owns 13,559 shares of the company’s stock valued at $72,000 after buying an additional 11,784 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Rumble by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock valued at $2,564,000 after acquiring an additional 24,879 shares during the period. MML Investors Services LLC acquired a new stake in shares of Rumble during the 3rd quarter valued at about $185,000. Finally, FMR LLC grew its position in shares of Rumble by 995.3% during the 3rd quarter. FMR LLC now owns 22,387 shares of the company’s stock valued at $120,000 after acquiring an additional 20,343 shares during the period. Hedge funds and other institutional investors own 26.15% of the company’s stock.

Wall Street Analyst Weigh In

RUM has been the subject of a number of research analyst reports. Wedbush restated a “neutral” rating and issued a $8.00 target price on shares of Rumble in a research note on Wednesday, November 13th. Maxim Group initiated coverage on Rumble in a research note on Wednesday, January 15th. They issued a “buy” rating and a $20.00 target price for the company.

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.