Rumble (NASDAQ:RUM) Stock Price Down 9.3% – Here’s What Happened

Rumble Inc. (NASDAQ:RUM) dropped 9.3% during mid-day trading on Wednesday . The stock traded as low as $11.91 and last traded at $12.04. Approximately 1,611,318 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 4,460,772 shares. The stock had previously closed at $13.28.

Wall Street Analyst Weigh In

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

Rumble Trading Down 12.0 %

The firm has a market cap of $4.55 billion, a P/E ratio of -18.56 and a beta of 0.52. The company’s 50-day moving average is $8.47 and its two-hundred day moving average is $6.74.

Rumble (NASDAQ:RUM) last announced its earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (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 analysts’ expectations of $29.25 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. During the same period in the previous year, the firm earned ($0.14) EPS. Research analysts anticipate that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Insider Transactions at Rumble

In other news, Director Robert Arsov sold 29,988 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $6.90, for a total value of $206,917.20. Following the transaction, the director now owns 12,487,349 shares in the company, valued at $86,162,708.10. The trade was a 0.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 114,988 shares of company stock worth $701,617 in the last quarter. 72.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Rumble

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp purchased a new stake in Rumble during the second quarter worth about $66,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Rumble during the 2nd quarter worth approximately $142,000. Arizona State Retirement System bought a new stake in shares of Rumble in the 2nd quarter worth approximately $91,000. Redwood Wealth Management Group LLC purchased a new position in Rumble in the second quarter valued at approximately $30,000. Finally, Total Clarity Wealth Management Inc. bought a new position in Rumble during the second quarter valued at $161,000. 26.15% of the stock is owned by hedge funds and other 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.