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

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 changed hands during 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 target price on shares of Rumble in a research report on Wednesday, November 13th.

Rumble Trading Down 5.9 %

The company has a market capitalization of $4.27 billion, a PE ratio of -17.40 and a beta of 0.52. The stock’s 50-day moving average is $8.70 and its two-hundred day moving average is $6.81.

Rumble (NASDAQ:RUM) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The firm had revenue of $25.06 million during the quarter, compared to analysts’ expectations of $29.25 million. During the same period last year, the company earned ($0.14) earnings per share. On average, equities research analysts forecast that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rumble news, Director Robert Arsov sold 27,500 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $5.69, for a total value of $156,475.00. Following the transaction, the director now directly owns 12,577,337 shares in the company, valued at $71,565,047.53. This represents a 0.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 114,988 shares of company stock worth $701,617 in the last three months. Corporate insiders own 72.90% of the company’s stock.

Hedge Funds Weigh In On Rumble

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Rumble by 20.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company’s stock valued at $166,000 after purchasing an additional 5,348 shares in the last quarter. Redwood Wealth Management Group LLC bought a new position in shares of Rumble during the second quarter valued at approximately $30,000. Barclays PLC lifted its position in Rumble by 663.9% during the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock valued at $72,000 after acquiring an additional 11,784 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Rumble during the second quarter valued at approximately $66,000. Finally, Virtu Financial LLC purchased a new stake in Rumble during the third quarter valued at approximately $70,000. 26.15% of the stock is currently owned by institutional investors.

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.