Rumble (NASDAQ:RUM) Stock Price Up 11.6% – Still a Buy?

Rumble Inc. (NASDAQ:RUM)’s share price shot up 11.6% on Monday . The company traded as high as $6.91 and last traded at $6.82. 2,642,360 shares were traded during mid-day trading, a decline of 13% from the average session volume of 3,029,586 shares. The stock had previously closed at $6.11.

Analyst Upgrades and Downgrades

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

Rumble Stock Performance

The firm has a 50 day simple moving average of $5.60 and a two-hundred day simple moving average of $6.02.

Rumble (NASDAQ:RUM) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.03). Rumble had a negative return on equity of 59.00% and a negative net margin of 152.81%. The company had revenue of $22.47 million during the quarter, compared to analysts’ expectations of $19.69 million. On average, equities research analysts anticipate that Rumble Inc. will post -0.55 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Robert Arsov sold 27,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.59, for a total value of $153,725.00. Following the sale, the director now directly owns 14,769,837 shares in the company, valued at approximately $82,563,388.83. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 195,000 shares of company stock valued at $1,086,500. 72.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rumble

A number of hedge funds and other institutional investors have recently bought and sold shares of RUM. Redwood Wealth Management Group LLC purchased a new position in shares of Rumble in the second quarter valued at $30,000. Bank of New York Mellon Corp bought a new stake in shares of Rumble during the second quarter valued at about $66,000. SG Americas Securities LLC purchased a new stake in shares of Rumble in the second quarter worth about $67,000. Coppell Advisory Solutions Corp. bought a new position in shares of Rumble in the first quarter valued at approximately $81,000. Finally, RIA Advisory Group LLC purchased a new position in Rumble during the third quarter valued at approximately $81,000. Institutional investors 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.