RumbleOn Sees Unusually High Options Volume (NASDAQ:RMBL)

RumbleOn, Inc. (NASDAQ:RMBL) was the target of some unusual options trading activity on Wednesday. Stock investors purchased 4,094 put options on the company. This represents an increase of approximately 2,239% compared to the average volume of 175 put options.

RumbleOn Stock Performance

RumbleOn stock traded down $0.21 during mid-day trading on Wednesday, reaching $3.39. 207,928 shares of the company traded hands, compared to its average volume of 190,791. The company has a market capitalization of $119.53 million, a price-to-earnings ratio of -0.40 and a beta of 2.10. RumbleOn has a fifty-two week low of $3.32 and a fifty-two week high of $10.36. The firm’s fifty day moving average is $4.55 and its two-hundred day moving average is $5.70. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.10 and a quick ratio of 0.24.

RumbleOn (NASDAQ:RMBL) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.20). The business had revenue of $307.80 million during the quarter, compared to analyst estimates of $338.11 million. RumbleOn had a negative return on equity of 82.79% and a negative net margin of 15.59%. On average, equities research analysts expect that RumbleOn will post -0.5 earnings per share for the current fiscal year.

Institutional Trading of RumbleOn

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Cannon Global Investment Management LLC acquired a new stake in RumbleOn during the first quarter valued at $65,000. Empowered Funds LLC lifted its stake in shares of RumbleOn by 8.1% in the first 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. Virtu Financial LLC purchased a new position in shares of RumbleOn in the first quarter worth about $90,000. Bank of New York Mellon Corp purchased a new position in shares of RumbleOn in the second quarter worth about $182,000. Finally, Rhumbline Advisers lifted 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 worth $81,000 after buying an additional 19,279 shares in the last quarter. Institutional investors and hedge funds own 66.14% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wedbush restated an “outperform” rating and set a $7.00 price target on shares of RumbleOn in a research note on Thursday, May 9th.

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.