Rumble (NASDAQ:RUM) Trading Down 4.5% – Here’s What Happened

Rumble Inc. (NASDAQ:RUM)’s share price fell 4.5% during mid-day trading on Wednesday . The stock traded as low as $7.74 and last traded at $7.78. 518,365 shares changed hands during trading, a decline of 84% from the average session volume of 3,165,872 shares. The stock had previously closed at $8.15.

Analyst Upgrades and Downgrades

Separately, Wedbush reiterated a “neutral” rating and set a $8.00 target price on shares of Rumble in a research note on Wednesday, November 13th.

Rumble Stock Performance

The firm has a 50-day moving average price of $6.14 and a two-hundred day moving average price of $5.98. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of -12.94 and a beta of 0.81.

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

Insider Activity at Rumble

In other news, Director Robert Arsov sold 27,500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $5.24, for a total transaction of $144,100.00. Following the completion of the sale, the director now owns 12,714,837 shares in the company, valued at approximately $66,625,745.88. This represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 169,988 shares of company stock valued at $986,517 in the last three months. 72.90% of the stock is currently owned by company insiders.

Institutional Trading of Rumble

Hedge funds have recently added to or reduced their stakes in the stock. Redwood Wealth Management Group LLC acquired a new position in shares of Rumble in the second quarter valued at approximately $30,000. Bank of New York Mellon Corp acquired a new position in Rumble in the 2nd quarter valued at $66,000. SG Americas Securities LLC purchased a new position in Rumble during the 2nd quarter worth $67,000. Virtu Financial LLC acquired a new stake in shares of Rumble in the 3rd quarter worth $70,000. Finally, Barclays PLC boosted its holdings in shares of Rumble by 663.9% in the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock valued at $72,000 after acquiring an additional 11,784 shares in the last quarter. 26.15% of the stock is owned by institutional investors and hedge funds.

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.