Short Interest in Rumble Inc. (NASDAQ:RUM) Decreases By 27.1%

Rumble Inc. (NASDAQ:RUM) saw a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 10,990,000 shares, a drop of 27.1% from the December 15th total of 15,070,000 shares. Approximately 14.8% of the company’s shares are sold short. Based on an average daily volume of 6,360,000 shares, the short-interest ratio is presently 1.7 days.

Insiders Place Their Bets

In other news, Director Robert Arsov sold 29,988 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $6.90, for a total transaction of $206,917.20. Following the sale, the director now owns 12,487,349 shares of the company’s stock, valued at $86,162,708.10. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 114,988 shares of company stock worth $701,617. Company insiders own 72.90% of the company’s stock.

Institutional Investors Weigh In On Rumble

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Rumble by 20.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company’s stock worth $166,000 after acquiring an additional 5,348 shares in the last quarter. Barclays PLC boosted its holdings in shares of Rumble by 663.9% in the 3rd quarter. Barclays PLC now owns 13,559 shares of the company’s stock valued at $72,000 after buying an additional 11,784 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Rumble in the second quarter valued at $66,000. Virtu Financial LLC acquired a new position in Rumble during the third quarter worth $70,000. Finally, RIA Advisory Group LLC bought a new stake in Rumble during the third quarter worth $81,000. 26.15% of the stock is owned by institutional investors.

Rumble Stock Up 6.6 %

Shares of NASDAQ:RUM traded up $0.67 during mid-day trading on Wednesday, reaching $10.88. 3,573,949 shares of the stock were exchanged, compared to its average volume of 4,777,284. The stock’s 50 day simple moving average is $8.99 and its 200-day simple moving average is $6.93. Rumble has a one year low of $3.37 and a one year high of $17.40. The company has a market cap of $4.24 billion, a P/E ratio of -17.27 and a beta of 0.52.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RUM shares. Wedbush reaffirmed a “neutral” rating and issued a $8.00 price target on shares of Rumble in a research note on Wednesday, November 13th. Maxim Group assumed coverage on shares of Rumble in a research report on Wednesday. They issued a “buy” rating and a $20.00 price objective on the stock.

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.