Rumble (NASDAQ:RUM) Stock Price Down 4.5% – Here’s Why

Rumble Inc. (NASDAQ:RUM) was down 4.5% on Monday . The stock traded as low as $5.32 and last traded at $5.36. Approximately 1,158,681 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 3,062,358 shares. The stock had previously closed at $5.61.

Wall Street Analysts Forecast Growth

Separately, Wedbush reissued a “neutral” rating and set a $8.00 target price on shares of Rumble in a research report on Wednesday, November 13th.

Rumble Price Performance

The firm has a 50-day simple moving average of $5.65 and a 200 day simple moving average of $5.98. The company has a market capitalization of $2.35 billion, a PE ratio of -9.41 and a beta of 0.72.

Rumble (NASDAQ:RUM) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The company had revenue of $25.06 million for the quarter, compared to the consensus estimate of $29.25 million. During the same quarter last year, the company earned ($0.14) earnings per share. Equities research analysts expect that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rumble news, Director Robert Arsov sold 27,500 shares of Rumble stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $5.57, for a total transaction of $153,175.00. Following the sale, the director now owns 14,824,837 shares of the company’s stock, valued at $82,574,342.09. The trade was a 0.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 195,000 shares of company stock valued at $1,086,500. Company insiders own 72.90% of the company’s stock.

Institutional Trading of Rumble

A number of hedge funds and other institutional investors have recently made changes to their positions in RUM. Empirical Capital Management LLC purchased a new position in shares of Rumble in the first quarter worth approximately $1,584,000. Geode Capital Management LLC lifted its holdings in shares of Rumble by 14.5% in the third quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock valued at $5,553,000 after purchasing an additional 130,956 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Rumble in the first quarter worth $339,000. Avantax Advisory Services Inc. purchased a new position in shares of Rumble during the first quarter valued at $335,000. Finally, MML Investors Services LLC acquired a new position in shares of Rumble in the 3rd quarter valued at about $185,000. 26.15% of the stock is currently owned by 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.