Rumble (NASDAQ:RUM) Trading Down 6.1% – Here’s What Happened

Rumble Inc. (NASDAQ:RUM)’s stock price traded down 6.1% during trading on Tuesday . The company traded as low as $8.06 and last traded at $8.11. 1,121,637 shares were traded during mid-day trading, a decline of 65% from the average session volume of 3,165,906 shares. The stock had previously closed at $8.64.

Analyst Upgrades and Downgrades

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

Rumble Trading Down 5.8 %

The business’s fifty day simple moving average is $6.44 and its two-hundred day simple moving average is $6.04. The stock has a market capitalization of $3.17 billion, a P/E ratio of -12.86 and a beta of 0.81.

Rumble (NASDAQ:RUM) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $25.06 million during the quarter, compared to the consensus estimate of $29.25 million. During the same period in the prior year, the firm earned ($0.14) earnings per share. On average, equities research analysts anticipate that Rumble Inc. will post -0.62 earnings per share for the current year.

Insider Buying and Selling at Rumble

In other news, Director Robert Arsov sold 27,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $5.24, for a total value of $144,100.00. Following the sale, the director now owns 12,714,837 shares of the company’s stock, valued at $66,625,745.88. The trade was a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 169,988 shares of company stock worth $986,517. Insiders own 72.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Redwood Wealth Management Group LLC acquired a new position in shares of Rumble during the 2nd quarter worth about $30,000. Bank of New York Mellon Corp acquired a new stake in Rumble during the second quarter worth approximately $66,000. SG Americas Securities LLC bought a new position in Rumble during the 2nd quarter worth $67,000. Virtu Financial LLC acquired a new position in Rumble in the 3rd quarter valued at $70,000. Finally, Barclays PLC lifted its position 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 acquiring an additional 11,784 shares during the period. 26.15% of the stock is currently owned by institutional investors.

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.