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

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

Analyst Upgrades and Downgrades

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

Rumble Trading Down 1.2 %

The stock’s fifty day moving average is $5.63 and its two-hundred day moving average is $6.00. The firm has a market cap of $2.16 billion, a P/E ratio of -8.90 and a beta of 0.72.

Rumble (NASDAQ:RUM) last posted its quarterly earnings data 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 business had revenue of $25.06 million for the quarter, compared to the consensus estimate 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 prior year, the business posted ($0.14) EPS. On average, analysts forecast that Rumble Inc. will post -0.62 EPS for the current year.

Insider Buying and Selling at Rumble

In other Rumble news, Director Robert Arsov sold 27,500 shares of Rumble stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.59, for a total value of $153,725.00. Following the transaction, the director now directly owns 14,769,837 shares of the company’s stock, valued at $82,563,388.83. The trade was a 0.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 195,000 shares of company stock worth $1,086,500 over the last 90 days. Corporate insiders own 72.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Empirical Capital Management LLC purchased a new position in Rumble during the first quarter valued at $1,584,000. Geode Capital Management LLC increased its stake in Rumble by 14.5% during the 3rd 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 purchased a new position in Rumble in the first quarter worth about $339,000. Avantax Advisory Services Inc. bought a new position in shares of Rumble in the first quarter worth approximately $335,000. Finally, MML Investors Services LLC bought a new stake in shares of Rumble during the third quarter valued at approximately $185,000. Hedge funds and other 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.