Rumble (NASDAQ:RUM) Shares Down 7.2% – Here’s Why

Rumble Inc. (NASDAQ:RUM)’s stock price was down 7.2% during mid-day trading on Monday . The company traded as low as $5.27 and last traded at $5.2350. Approximately 1,648,157 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 3,061,425 shares. The stock had previously closed at $5.64.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RUM. Wall Street Zen cut shares of Rumble from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Rumble in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $14.00.

Rumble Stock Down 6.9%

The stock has a market capitalization of $2.28 billion, a P/E ratio of -3.92 and a beta of 0.69. The company has a 50 day moving average of $7.17 and a 200-day moving average of $8.17.

Rumble (NASDAQ:RUM) last released its earnings results on Monday, November 10th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The business had revenue of $24.76 million for the quarter, compared to the consensus estimate of $26.86 million. Rumble had a negative net margin of 275.47% and a negative return on equity of 78.52%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. Equities analysts forecast that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Rumble

Several institutional investors and hedge funds have recently bought and sold shares of RUM. Prelude Capital Management LLC bought a new position in Rumble in the third quarter worth about $395,000. Numerai GP LLC acquired a new stake in shares of Rumble during the 3rd quarter worth approximately $602,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Rumble by 7.8% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 153,815 shares of the company’s stock worth $1,114,000 after purchasing an additional 11,100 shares during the last quarter. Alliancebernstein L.P. boosted its position in Rumble by 3.3% during the 3rd quarter. Alliancebernstein L.P. now owns 94,058 shares of the company’s stock valued at $681,000 after purchasing an additional 3,008 shares during the period. Finally, Creative Planning grew its stake in Rumble by 36.0% during the 3rd quarter. Creative Planning now owns 25,182 shares of the company’s stock worth $182,000 after buying an additional 6,664 shares during the last quarter. 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.