Rumble (NASDAQ:RUM) Stock Price Down 7.9% – Time to Sell?

Rumble Inc. (NASDAQ:RUM) shares traded down 7.9% on Tuesday . The company traded as low as $12.31 and last traded at $11.88. 1,053,082 shares traded hands during trading, a decline of 78% from the average session volume of 4,751,232 shares. The stock had previously closed at $12.90.

Wall Street Analysts Forecast Growth

RUM has been the topic of several analyst reports. Maxim Group started coverage on shares of Rumble in a research report on Wednesday, January 15th. They set a “buy” rating and a $20.00 price target on the stock. Wedbush reaffirmed a “neutral” rating and issued a $8.00 target price on shares of Rumble in a report on Wednesday, November 13th.

Rumble Stock Performance

The firm has a fifty day simple moving average of $9.72 and a 200-day simple moving average of $7.21. The firm has a market cap of $5.06 billion, a price-to-earnings ratio of -20.60 and a beta of 0.52.

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

Insider Activity

In related news, Director Robert Arsov sold 29,988 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $6.90, for a total transaction of $206,917.20. Following the transaction, the director now directly owns 12,487,349 shares of the company’s stock, valued at approximately $86,162,708.10. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 114,988 shares of company stock valued at $701,617. 70.10% of the stock is owned by insiders.

Institutional Trading of Rumble

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp bought a new position in shares of Rumble in the second quarter worth $66,000. Virtu Financial LLC bought a new stake in Rumble during the third quarter worth about $70,000. Barclays PLC grew its stake in Rumble by 663.9% during the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock worth $72,000 after buying an additional 11,784 shares in the last quarter. RIA Advisory Group LLC bought a new position in Rumble in the 3rd quarter valued at about $81,000. Finally, Cypress Point Wealth Management LLC acquired a new position in shares of Rumble in the 3rd quarter valued at approximately $98,000. Institutional investors own 26.15% of the company’s stock.

About Rumble

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.