Rumble (NASDAQ:RUM) Shares Gap Up – Should You Buy?

Rumble Inc. (NASDAQ:RUM) gapped up before the market opened on Wednesday . The stock had previously closed at $5.85, but opened at $6.20. Rumble shares last traded at $6.24, with a volume of 1,622,005 shares trading hands.

Wall Street Analyst Weigh In

Separately, Wedbush restated a “neutral” rating and set a $8.00 price objective on shares of Rumble in a research note on Tuesday, August 13th.

Rumble Price Performance

The stock’s 50-day simple moving average is $5.59 and its two-hundred day simple moving average is $6.06. The firm has a market cap of $2.27 billion, a P/E ratio of -9.70 and a beta of 0.74.

Rumble (NASDAQ:RUM) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.03). The business had revenue of $22.47 million for the quarter, compared to the consensus estimate of $19.69 million. Rumble had a negative return on equity of 54.31% and a negative net margin of 163.37%. As a group, sell-side analysts expect that Rumble Inc. will post -0.55 earnings per share for the current year.

Insider Activity

In related news, Director Robert Arsov sold 27,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $5.87, for a total value of $161,425.00. Following the completion of the transaction, the director now owns 14,879,837 shares in the company, valued at $87,344,643.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 167,500 shares of company stock worth $936,825. Corporate insiders own 72.90% of the company’s stock.

Institutional Trading of Rumble

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RUM. Empirical Capital Management LLC purchased a new position in shares of Rumble during the 1st quarter worth $1,584,000. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Rumble by 5.3% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 175,927 shares of the company’s stock worth $976,000 after buying an additional 8,824 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Rumble by 34.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 106,699 shares of the company’s stock valued at $862,000 after buying an additional 27,289 shares during the period. Virtu Financial LLC acquired a new position in Rumble in the first quarter valued at approximately $339,000. Finally, Avantax Advisory Services Inc. purchased a new position in Rumble in the first quarter worth approximately $335,000. Institutional investors and hedge funds 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.