Wedbush Forecasts Rumble’s FY2024 Earnings (NASDAQ:RUM)

Rumble Inc. (NASDAQ:RUM) – Investment analysts at Wedbush lowered their FY2024 earnings per share (EPS) estimates for Rumble in a note issued to investors on Wednesday, November 13th. Wedbush analyst S. Devitt now expects that the company will post earnings per share of ($0.60) for the year, down from their prior estimate of ($0.53). Wedbush currently has a “Neutral” rating and a $8.00 target price on the stock. The consensus estimate for Rumble’s current full-year earnings is ($0.55) per share. Wedbush also issued estimates for Rumble’s Q4 2024 earnings at ($0.11) EPS, FY2025 earnings at ($0.33) EPS and FY2026 earnings at ($0.26) EPS.

Rumble (NASDAQ:RUM) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The business had revenue of $25.06 million during the quarter, compared to analyst estimates 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 quarter last year, the company posted ($0.14) earnings per share.

Rumble Stock Down 5.1 %

NASDAQ RUM opened at $5.61 on Friday. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -8.90 and a beta of 0.72. Rumble has a twelve month low of $3.33 and a twelve month high of $9.20. The stock has a fifty day simple moving average of $5.63 and a 200 day simple moving average of $6.01.

Insider Activity

In other news, Director Robert Arsov sold 27,500 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.59, for a total value of $153,725.00. Following the transaction, the director now owns 14,769,837 shares in the company, valued at approximately $82,563,388.83. The trade was a 0.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 195,000 shares of company stock valued at $1,086,500. Company insiders own 72.90% of the company’s stock.

Institutional Investors Weigh In On Rumble

Large investors have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in Rumble by 14.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock worth $5,553,000 after acquiring an additional 130,956 shares during the period. Barclays PLC grew its stake in Rumble by 663.9% during the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock worth $72,000 after purchasing an additional 11,784 shares during the period. MML Investors Services LLC bought a new stake in Rumble in the third quarter worth approximately $185,000. Janus Henderson Group PLC acquired a new stake in shares of Rumble during the 3rd quarter worth approximately $184,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Rumble by 20.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company’s stock valued at $166,000 after acquiring an additional 5,348 shares in the last quarter. 26.15% of the stock is currently owned by institutional investors and hedge funds.

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.