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

Rumble Inc. (NASDAQ:RUM)’s share price 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 trading hands.

Analyst Ratings Changes

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

Rumble Stock Performance

The firm’s 50-day simple moving average is $5.62 and its 200 day simple moving average is $6.02. The company has a market cap of $2.30 billion, a P/E ratio of -9.76 and a beta of 0.72.

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

Insider Activity at Rumble

In related news, Director Robert Arsov sold 30,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $5.93, for a total value of $177,900.00. Following the completion of the sale, the director now owns 12,517,337 shares in the company, valued at $74,227,808.41. This represents a 0.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 195,000 shares of company stock worth $1,086,500 in the last quarter. Corporate insiders own 72.90% of the company’s stock.

Hedge Funds Weigh In On Rumble

A number of large investors have recently added to or reduced their stakes in RUM. Redwood Wealth Management Group LLC bought a new position in Rumble during the 2nd quarter worth about $30,000. Bank of New York Mellon Corp bought a new position in Rumble during the 2nd quarter worth about $66,000. SG Americas Securities LLC bought a new position in Rumble during the 2nd quarter worth about $67,000. Coppell Advisory Solutions Corp. bought a new position in Rumble during the 1st quarter worth about $81,000. Finally, RIA Advisory Group LLC bought a new position in Rumble during the 3rd quarter worth about $81,000. Institutional investors own 26.15% of the company’s 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.