Wedbush Has Lowered Expectations for Rumble (NASDAQ:RUM) Stock Price

Rumble (NASDAQ:RUM) had its price target trimmed by Wedbush from $13.00 to $10.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

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

Rumble Trading Down 2.5 %

Shares of RUM stock opened at $7.83 on Wednesday. The firm has a fifty day simple moving average of $10.42 and a two-hundred day simple moving average of $8.49. Rumble has a 12 month low of $4.92 and a 12 month high of $17.38. The firm has a market capitalization of $3.05 billion, a PE ratio of -12.43 and a beta of 0.56.

Rumble (NASDAQ:RUM) last posted its earnings results on Tuesday, March 25th. The company reported ($1.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($1.02). The business had revenue of $30.20 million for the quarter, compared to the consensus estimate of $29.74 million. Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. Rumble’s revenue was up 48.0% compared to the same quarter last year. On average, equities analysts predict that Rumble will post -0.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Rumble

Institutional investors have recently bought and sold shares of the company. IFP Advisors Inc lifted its position in shares of Rumble by 70.9% during the 4th quarter. IFP Advisors Inc now owns 2,000 shares of the company’s stock valued at $26,000 after buying an additional 830 shares during the last quarter. Coppell Advisory Solutions LLC purchased a new stake in Rumble during the fourth quarter valued at about $35,000. Steward Partners Investment Advisory LLC raised its position in Rumble by 50.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,933 shares of the company’s stock valued at $38,000 after purchasing an additional 980 shares in the last quarter. Measured Risk Portfolios Inc. bought a new stake in Rumble during the fourth quarter worth about $65,000. Finally, Virtu Financial LLC purchased a new position in shares of Rumble in the 3rd quarter worth about $70,000. Hedge funds and other institutional investors own 26.15% of the company’s stock.

Rumble Company Profile

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.