Rumble (NASDAQ:RUM) Trading 9.2% Higher – Here’s What Happened

Rumble Inc. (NASDAQ:RUM)’s share price traded up 9.2% during mid-day trading on Monday . The company traded as high as $7.14 and last traded at $7.09. 1,703,851 shares changed hands during trading, a decline of 45% from the average session volume of 3,106,817 shares. The stock had previously closed at $6.49.

Wall Street Analysts Forecast Growth

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

Rumble Price Performance

The firm has a 50-day moving average of $5.76 and a 200 day moving average of $5.97.

Rumble (NASDAQ:RUM) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share 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 company had revenue of $25.06 million for the quarter, compared to analyst estimates of $29.25 million. During the same period in the previous year, the firm posted ($0.14) earnings per share. On average, analysts predict that Rumble Inc. will post -0.62 EPS for the current year.

Insider Transactions at Rumble

In other Rumble news, Director Robert Arsov sold 30,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $5.93, for a total value of $177,900.00. Following the completion of the transaction, the director now directly owns 12,517,337 shares of the company’s stock, valued at approximately $74,227,808.41. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 195,000 shares of company stock valued at $1,086,500. Corporate insiders own 72.90% of the company’s stock.

Hedge Funds Weigh In On Rumble

Several hedge funds have recently added to or reduced their stakes in RUM. Redwood Wealth Management Group LLC acquired a new position in shares of Rumble in the 2nd quarter valued at approximately $30,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of Rumble during the first quarter worth $81,000. Bank of New York Mellon Corp bought a new stake in Rumble in the 2nd quarter valued at $66,000. SG Americas Securities LLC acquired a new position in Rumble in the 2nd quarter worth $67,000. Finally, Virtu Financial LLC acquired a new stake in shares of Rumble in the 3rd quarter valued at about $70,000. 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.