Wedbush Has Negative Outlook of RumbleOn FY2024 Earnings

RumbleOn, Inc. (NASDAQ:RMBL) – Research analysts at Wedbush cut their FY2024 earnings per share estimates for shares of RumbleOn in a research report issued to clients and investors on Wednesday, November 13th. Wedbush analyst S. Basham now expects that the company will post earnings of ($0.89) per share for the year, down from their previous forecast of ($0.48). Wedbush has a “Outperform” rating and a $5.00 price target on the stock. The consensus estimate for RumbleOn’s current full-year earnings is ($0.55) per share. Wedbush also issued estimates for RumbleOn’s Q4 2024 earnings at ($0.26) EPS, FY2025 earnings at ($0.28) EPS and FY2026 earnings at $0.22 EPS.

Separately, B. Riley dropped their target price on shares of RumbleOn from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday.

RumbleOn Stock Up 1.5 %

Shares of NASDAQ RMBL opened at $5.23 on Friday. RumbleOn has a 52-week low of $3.13 and a 52-week high of $8.84. The company has a debt-to-equity ratio of 2.23, a quick ratio of 0.27 and a current ratio of 1.12. The business has a fifty day moving average of $4.87 and a two-hundred day moving average of $4.77. The stock has a market cap of $184.72 million, a PE ratio of -0.62 and a beta of 2.08.

Hedge Funds Weigh In On RumbleOn

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers increased its stake in shares of RumbleOn by 3,910.5% in the second quarter. Rhumbline Advisers now owns 19,772 shares of the company’s stock valued at $81,000 after buying an additional 19,279 shares in the last quarter. Virtu Financial LLC acquired a new stake in RumbleOn in the 1st quarter valued at about $90,000. Dimensional Fund Advisors LP raised its stake in shares of RumbleOn by 35.9% in the second quarter. Dimensional Fund Advisors LP now owns 29,182 shares of the company’s stock worth $120,000 after acquiring an additional 7,704 shares during the last quarter. Magnus Financial Group LLC bought a new position in shares of RumbleOn in the second quarter worth about $127,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of RumbleOn during the second quarter valued at approximately $182,000. Institutional investors and hedge funds own 66.14% of the company’s stock.

About RumbleOn

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.