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

Rumble Inc. (NASDAQ:RUM)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $13.03, but opened at $12.73. Rumble shares last traded at $14.82, with a volume of 13,299,346 shares.

Analysts Set New Price Targets

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

Rumble Stock Up 0.8 %

The company has a 50 day moving average price of $6.61 and a 200-day moving average price of $6.08. The company has a market cap of $5.12 billion, a price-to-earnings ratio of -20.86 and a beta of 0.81.

Rumble (NASDAQ:RUM) last released its quarterly 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). Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The business had revenue of $25.06 million for the quarter, compared to the consensus estimate of $29.25 million. During the same period in the previous year, the business posted ($0.14) EPS. On average, analysts forecast that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Insider Buying and Selling at Rumble

In related news, Director Robert Arsov sold 27,500 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $5.12, for a total transaction of $140,800.00. Following the sale, the director now owns 12,659,837 shares in the company, valued at $64,818,365.44. This represents a 0.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 169,988 shares of company stock worth $986,517. Insiders own 72.90% of the company’s stock.

Hedge Funds Weigh In On Rumble

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised 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 worth $5,553,000 after buying an additional 130,956 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Rumble by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock worth $2,564,000 after purchasing an additional 24,879 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Rumble by 5.3% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 175,927 shares of the company’s stock worth $976,000 after purchasing an additional 8,824 shares in the last quarter. MML Investors Services LLC bought a new stake in Rumble during the 3rd quarter valued at $185,000. Finally, Janus Henderson Group PLC acquired a new position in Rumble during the third quarter worth $184,000. 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.