Short Interest in RumbleOn, Inc. (NASDAQ:RMBL) Expands By 54.5%

RumbleOn, Inc. (NASDAQ:RMBL) was the target of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 1,560,000 shares, an increase of 54.5% from the June 30th total of 1,010,000 shares. Based on an average daily trading volume, of 237,600 shares, the days-to-cover ratio is currently 6.6 days.

Wall Street Analysts Forecast Growth

Separately, Wedbush reissued an “outperform” rating and issued a $7.00 price objective on shares of RumbleOn in a report on Thursday, May 9th.

RumbleOn Price Performance

Shares of RumbleOn stock traded up $0.09 on Friday, hitting $4.29. The company’s stock had a trading volume of 64,754 shares, compared to its average volume of 450,470. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.24 and a current ratio of 1.10. RumbleOn has a 1 year low of $3.32 and a 1 year high of $12.03. The firm has a fifty day moving average price of $4.83 and a 200-day moving average price of $5.85. The company has a market capitalization of $151.27 million, a price-to-earnings ratio of -0.43 and a beta of 2.10.

RumbleOn (NASDAQ:RMBL) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.20). RumbleOn had a negative net margin of 15.59% and a negative return on equity of 82.79%. The business had revenue of $307.80 million during the quarter, compared to analysts’ expectations of $338.11 million. As a group, sell-side analysts anticipate that RumbleOn will post -0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RumbleOn

Institutional investors and hedge funds have recently modified their holdings of the business. Cannon Global Investment Management LLC purchased a new stake in RumbleOn during the 1st quarter worth approximately $65,000. Virtu Financial LLC purchased a new stake in RumbleOn during the 1st quarter worth approximately $90,000. Bank of New York Mellon Corp purchased a new stake in RumbleOn during the 2nd quarter worth approximately $182,000. Finally, Empowered Funds LLC increased its stake in RumbleOn by 8.1% during the 1st quarter. Empowered Funds LLC now owns 58,300 shares of the company’s stock worth $377,000 after buying an additional 4,375 shares in the last quarter. Hedge funds and other institutional investors own 66.14% of the company’s stock.

RumbleOn Company Profile

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products.