Rumble (NASDAQ:RUM) Stock Price Up 11.6% – Time to Buy?

Rumble Inc. (NASDAQ:RUM)’s share price rose 11.6% on Monday . The stock traded as high as $6.91 and last traded at $6.82. Approximately 2,642,360 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 3,029,586 shares. The stock had previously closed at $6.11.

Analyst Upgrades and Downgrades

Separately, Wedbush reissued a “neutral” rating and set a $8.00 price objective on shares of Rumble in a research note on Wednesday.

Rumble Stock Down 10.0 %

The stock’s 50 day simple moving average is $5.60 and its 200 day simple moving average is $6.02.

Rumble (NASDAQ:RUM) last announced its earnings results on Monday, August 12th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.03). The company had revenue of $22.47 million during the quarter, compared to analysts’ expectations of $19.69 million. Rumble had a negative return on equity of 59.00% and a negative net margin of 152.81%. As a group, sell-side analysts expect that Rumble Inc. will post -0.55 earnings per share for the current year.

Insider Transactions at Rumble

In related news, Director Robert Arsov sold 27,500 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.59, for a total transaction of $153,725.00. Following the transaction, the director now directly owns 14,769,837 shares of the company’s stock, valued at approximately $82,563,388.83. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders sold 195,000 shares of company stock worth $1,086,500. 72.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Rumble

Several hedge funds and other institutional investors have recently bought and sold shares of RUM. FMR LLC raised its stake in shares of Rumble by 995.3% during the third quarter. FMR LLC now owns 22,387 shares of the company’s stock valued at $120,000 after acquiring an additional 20,343 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Rumble by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock valued at $2,564,000 after purchasing an additional 24,879 shares during the last quarter. RIA Advisory Group LLC bought a new position in Rumble during the 3rd quarter valued at approximately $81,000. Cypress Point Wealth Management LLC bought a new stake in shares of Rumble in the 3rd quarter worth approximately $98,000. Finally, Total Clarity Wealth Management Inc. bought a new stake in shares of Rumble in the 2nd quarter worth approximately $161,000. 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.