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

Rumble Inc. (NASDAQ:RUM)’s share price gapped up prior to trading on Friday . The stock had previously closed at $16.27, but opened at $17.20. Rumble shares last traded at $15.48, with a volume of 4,764,443 shares traded.

Wall Street Analyst Weigh In

Separately, Wedbush restated a “neutral” rating and issued a $8.00 target price on shares of Rumble in a research note on Wednesday, November 13th.

Rumble Trading Down 6.4 %

The company has a 50-day moving average of $7.44 and a 200-day moving average of $6.36. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of -24.17 and a beta of 0.81.

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

Insider Transactions at Rumble

In related news, Director Robert Arsov sold 30,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $5.93, for a total value of $177,900.00. Following the transaction, the director now owns 12,517,337 shares in the company, valued at approximately $74,227,808.41. This represents a 0.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 169,988 shares of company stock worth $986,517. Company insiders own 72.90% of the company’s stock.

Institutional Trading of Rumble

Several large investors have recently made changes to their positions in RUM. Redwood Wealth Management Group LLC acquired a new position in Rumble during the second quarter valued at $30,000. Bank of New York Mellon Corp purchased a new position in shares of Rumble during the 2nd quarter valued at about $66,000. Virtu Financial LLC acquired a new position in shares of Rumble in the 3rd quarter valued at about $70,000. Barclays PLC boosted its stake in shares of Rumble by 663.9% in the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock worth $72,000 after buying an additional 11,784 shares during the last quarter. Finally, RIA Advisory Group LLC acquired a new stake in Rumble during the third quarter worth about $81,000. 26.15% of the stock is owned by hedge funds and other 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.