Rumble (NASDAQ:RUM) Shares Down 5% – Here’s Why

Rumble Inc. (NASDAQ:RUM) was down 5% during mid-day trading on Wednesday . The stock traded as low as $6.06 and last traded at $6.13. Approximately 1,185,312 shares were traded during trading, a decline of 61% from the average daily volume of 3,032,362 shares. The stock had previously closed at $6.45.

Analyst Upgrades and Downgrades

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

Rumble Trading Down 7.0 %

The firm has a market cap of $2.33 billion, a PE ratio of -9.33 and a beta of 0.74. The firm has a fifty day moving average price of $5.56 and a 200 day moving average price of $6.03.

Rumble (NASDAQ:RUM) last announced its quarterly 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). Rumble had a negative return on equity of 54.31% and a negative net margin of 163.37%. The firm had revenue of $22.47 million for the quarter, compared to analyst estimates of $19.69 million. As a group, equities analysts predict that Rumble Inc. will post -0.55 earnings per share for the current year.

Insider Activity at Rumble

In other Rumble news, Director Robert Arsov sold 27,500 shares of Rumble stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $5.87, for a total transaction of $161,425.00. Following the completion of the sale, the director now directly owns 14,879,837 shares in the company, valued at $87,344,643.19. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 167,500 shares of company stock worth $936,825. Company insiders own 72.90% of the company’s stock.

Institutional Investors Weigh In On Rumble

Several large investors have recently added to or reduced their stakes in RUM. Empirical Capital Management LLC purchased a new stake in shares of Rumble during the first quarter worth $1,584,000. Cambridge Investment Research Advisors Inc. increased its holdings in Rumble by 5.3% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 175,927 shares of the company’s stock worth $976,000 after purchasing an additional 8,824 shares during the period. Janney Montgomery Scott LLC raised its position in Rumble by 34.4% in the 1st 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 in the last quarter. Virtu Financial LLC acquired a new stake in Rumble in the 1st quarter valued at about $339,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of Rumble in 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.