Rumble (NASDAQ:RUM) Stock Price Up 4.5% – What’s Next?

Rumble Inc. (NASDAQ:RUM)’s share price traded up 4.5% during trading on Tuesday . The company traded as high as $7.44 and last traded at $7.39. 1,506,089 shares were traded during mid-day trading, a decline of 56% from the average session volume of 3,455,900 shares. The stock had previously closed at $7.07.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RUM shares. Maxim Group began coverage on Rumble in a research report on Wednesday, January 15th. They set a “buy” rating and a $20.00 target price on the stock. Wedbush reduced their price objective on shares of Rumble from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, March 26th.

Rumble Stock Performance

The company has a 50 day simple moving average of $10.10 and a 200 day simple moving average of $8.55. The company has a market capitalization of $2.98 billion, a PE ratio of -12.13 and a beta of 0.56.

Rumble (NASDAQ:RUM) last issued its quarterly 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 return on equity of 62.75% and a negative net margin of 152.81%. The firm had revenue of $30.20 million for the quarter, compared to analysts’ expectations of $29.74 million. The company’s revenue for the quarter was up 48.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Rumble Inc. will post -0.62 EPS for the current year.

Insider Activity

In other Rumble news, COO Tyler Hughes sold 312,727 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $7.50, for a total transaction of $2,345,452.50. Following the transaction, the chief operating officer now owns 65,127 shares of the company’s stock, valued at approximately $488,452.50. The trade was a 82.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Christopher Pavlovski sold 354,849 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 $2,661,367.50. Following the completion of the sale, the chief executive officer now directly owns 522,927 shares of the company’s stock, valued at $3,921,952.50. This trade represents a 40.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,104,017 shares of company stock worth $308,280,128 over the last three months. Insiders own 70.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RUM. D. E. Shaw & Co. Inc. raised its stake in Rumble by 9,234.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,351,803 shares of the company’s stock worth $17,587,000 after purchasing an additional 1,337,321 shares during the period. Millennium Management LLC increased its holdings in shares of Rumble by 287.7% during 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 stake in shares of Rumble during the 4th quarter valued at approximately $4,093,000. Balyasny Asset Management L.P. acquired a new position in Rumble in the fourth quarter valued at approximately $3,966,000. Finally, Centiva Capital LP purchased a new position in Rumble in the fourth quarter worth approximately $3,304,000. Institutional investors and hedge funds 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.