Rumble (NASDAQ:RUM) Stock Price Down 7.4% – Time to Sell?

Shares of Rumble Inc. (NASDAQ:RUM) were down 7.4% during mid-day trading on Thursday . The company traded as low as $7.62 and last traded at $7.60. Approximately 1,260,917 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 3,668,940 shares. The stock had previously closed at $8.21.

Analysts Set New Price Targets

Separately, Maxim Group started coverage on Rumble in a research report on Wednesday, January 15th. They set a “buy” rating and a $20.00 price target on the stock.

Rumble Stock Performance

The business’s fifty day simple moving average is $11.02 and its 200 day simple moving average is $8.34. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of -12.75 and a beta of 0.56.

Insider Buying and Selling

In other news, Director Ryan Milnes sold 24,978,210 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $7.50, for a total value of $187,336,575.00. Following the sale, the director now owns 57,290 shares in the company, valued at approximately $429,675. This represents a 99.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher Pavlovski sold 354,849 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $2,661,367.50. Following the transaction, the chief executive officer now directly owns 522,927 shares in the company, valued at approximately $3,921,952.50. This represents a 40.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,104,017 shares of company stock worth $308,280,128. 70.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rumble

Several hedge funds and other institutional investors have recently modified their holdings of RUM. Geode Capital Management LLC lifted its position in Rumble by 14.5% in the third quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock worth $5,553,000 after purchasing an additional 130,956 shares during the period. Barclays PLC lifted its holdings in shares of Rumble by 663.9% in the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock valued at $72,000 after buying an additional 11,784 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Rumble by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock valued at $2,564,000 after buying an additional 24,879 shares in the last quarter. MML Investors Services LLC acquired a new position in Rumble during the third quarter worth about $185,000. Finally, FMR LLC grew its holdings in Rumble by 995.3% during the third quarter. FMR LLC now owns 22,387 shares of the company’s stock worth $120,000 after acquiring an additional 20,343 shares during the period. Institutional investors and hedge funds 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.