Rumble (NASDAQ:RUM) Shares Gap Up – What’s Next?

Shares of Rumble Inc. (NASDAQ:RUM) gapped up prior to trading on Monday . The stock had previously closed at $10.96, but opened at $11.32. Rumble shares last traded at $11.20, with a volume of 886,964 shares.

Analysts Set New Price Targets

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

Rumble Trading Down 0.6 %

The company has a market cap of $4.24 billion, a PE ratio of -17.29 and a beta of 0.52. The company has a fifty day simple moving average of $8.80 and a two-hundred day simple moving average of $6.86.

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

Insider Activity

In related news, Director Robert Arsov sold 27,500 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $5.83, for a total transaction of $160,325.00. Following the transaction, the director now owns 12,604,837 shares of the company’s stock, valued at $73,486,199.71. This represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders sold 114,988 shares of company stock valued at $701,617. Insiders own 72.90% of the company’s stock.

Hedge Funds Weigh In On Rumble

A number of institutional investors and hedge funds have recently made changes to their positions in RUM. Redwood Wealth Management Group LLC acquired a new position in shares of Rumble in the second quarter worth $30,000. Bank of New York Mellon Corp acquired a new position in shares of Rumble in the second quarter valued at approximately $66,000. Virtu Financial LLC purchased a new position in shares of Rumble during the third quarter valued at approximately $70,000. Barclays PLC boosted its position 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 acquiring 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 approximately $81,000. 26.15% of the stock is owned by institutional investors and hedge funds.

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.