Rumble (NASDAQ:RUM) Shares Up 3.6% – Here’s Why

Rumble Inc. (NASDAQ:RUM)’s stock price rose 3.6% during trading on Tuesday . The company traded as high as $5.91 and last traded at $5.81. Approximately 349,807 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 2,986,153 shares. The stock had previously closed at $5.61.

Analyst Upgrades and Downgrades

Separately, Wedbush restated a “neutral” rating and set a $8.00 target price on shares of Rumble in a research report on Tuesday, August 13th.

Rumble Stock Performance

The stock has a fifty day moving average of $5.59 and a 200-day moving average of $6.06. The company has a market cap of $2.29 billion, a PE ratio of -9.47 and a beta of 0.74.

Rumble (NASDAQ:RUM) last issued its earnings results on Monday, August 12th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.03). The company had revenue of $22.47 million for the quarter, compared to analysts’ expectations of $19.69 million. Rumble had a negative net margin of 163.37% and a negative return on equity of 54.31%. As a group, equities analysts anticipate that Rumble Inc. will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Robert Arsov sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $6.12, for a total transaction of $183,600.00. Following the transaction, the director now directly owns 14,937,337 shares in the company, valued at approximately $91,416,502.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 167,500 shares of company stock valued at $936,825 over the last three months. 72.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rumble

Large investors have recently made changes to their positions in the stock. Empirical Capital Management LLC purchased a new stake in Rumble in the first quarter valued at approximately $1,584,000. Cambridge Investment Research Advisors Inc. lifted its position in Rumble by 5.3% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 175,927 shares of the company’s stock valued at $976,000 after purchasing an additional 8,824 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Rumble by 34.4% in the first quarter. Janney Montgomery Scott LLC now owns 106,699 shares of the company’s stock valued at $862,000 after purchasing an additional 27,289 shares during the last quarter. Virtu Financial LLC purchased a new stake in Rumble in the first quarter valued at $339,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of Rumble during the 1st quarter valued at about $335,000. 26.15% of the stock is owned by hedge funds and other institutional investors.

Rumble Company Profile

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.