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

Rumble Inc. (NASDAQ:RUM) gapped down before the market opened on Wednesday . The stock had previously closed at $6.83, but opened at $6.05. Rumble shares last traded at $5.99, with a volume of 445,734 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Rumble in a report on Wednesday.

Rumble Stock Down 3.9 %

The business has a fifty day simple moving average of $5.62 and a two-hundred day simple moving average of $6.02. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -9.76 and a beta of 0.72.

Rumble (NASDAQ:RUM) last announced its earnings results on Monday, August 12th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.03). The business had revenue of $22.47 million during the quarter, compared to analyst estimates of $19.69 million. Rumble had a negative return on equity of 59.00% and a negative net margin of 152.81%. As a group, equities analysts predict that Rumble Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Transactions at Rumble

In other news, Director Robert Arsov sold 27,500 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $5.12, for a total value of $140,800.00. Following the transaction, the director now directly owns 12,659,837 shares of the company’s stock, valued at $64,818,365.44. The trade was a 0.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 195,000 shares of company stock valued at $1,086,500 in the last three months. 72.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Redwood Wealth Management Group LLC acquired a new position in Rumble during the 2nd quarter worth $30,000. Bank of New York Mellon Corp acquired a new position in Rumble during the 2nd quarter worth $66,000. SG Americas Securities LLC acquired a new position in Rumble during the 2nd quarter worth $67,000. Coppell Advisory Solutions Corp. bought a new stake in shares of Rumble during the 1st quarter valued at $81,000. Finally, RIA Advisory Group LLC bought a new stake in shares of Rumble during the 3rd quarter valued at $81,000. 26.15% of the stock is owned by institutional investors and hedge funds.

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.