Rumble Inc. (NASDAQ:RUM) Sees Significant Growth in Short Interest

Rumble Inc. (NASDAQ:RUM) saw a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 12,400,000 shares, a growth of 24.6% from the February 13th total of 9,950,000 shares. Approximately 6.6% of the company’s shares are sold short. Based on an average daily volume of 6,410,000 shares, the days-to-cover ratio is currently 1.9 days.

Analyst Upgrades and Downgrades

Separately, Maxim Group assumed coverage on shares of Rumble in a research note on Wednesday, January 15th. They issued a “buy” rating and a $20.00 target price for the company.

Insider Buying and Selling at Rumble

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

Institutional Trading of Rumble

Several institutional investors have recently added to or reduced their stakes in RUM. D. E. Shaw & Co. Inc. increased its stake in Rumble by 9,234.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,351,803 shares of the company’s stock valued at $17,587,000 after purchasing an additional 1,337,321 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Rumble by 287.7% during the fourth quarter. Millennium Management LLC now owns 781,747 shares of the company’s stock valued at $10,171,000 after acquiring an additional 580,105 shares during the period. Two Sigma Investments LP acquired a new position in shares of Rumble during the fourth quarter valued at $4,093,000. Balyasny Asset Management L.P. acquired a new position in shares of Rumble during the fourth quarter valued at $3,966,000. Finally, Centiva Capital LP acquired a new position in shares of Rumble during the fourth quarter valued at $3,304,000. Institutional investors own 26.15% of the company’s stock.

Rumble Stock Down 0.9 %

Shares of RUM traded down $0.07 during mid-day trading on Monday, hitting $7.96. The company had a trading volume of 389,956 shares, compared to its average volume of 3,594,533. The business’s 50-day simple moving average is $11.02 and its 200-day simple moving average is $8.38. The stock has a market cap of $3.10 billion, a PE ratio of -12.63 and a beta of 0.56. Rumble has a 1-year low of $4.92 and a 1-year high of $17.40.

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.