Rumble (NASDAQ:RUM) Shares Down 4.2% – Time to Sell?

Rumble Inc. (NASDAQ:RUM)’s stock price was down 4.2% during trading on Wednesday . The company traded as low as $6.32 and last traded at $6.2850. Approximately 1,727,703 shares traded hands during trading, a decline of 43% from the average daily volume of 3,046,236 shares. The stock had previously closed at $6.56.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rumble in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $14.00.

Rumble Stock Performance

The company has a 50 day simple moving average of $6.60 and a two-hundred day simple moving average of $7.63. The company has a market cap of $2.73 billion, a PE ratio of -4.68 and a beta of 0.69.

Rumble (NASDAQ:RUM) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). Rumble had a negative return on equity of 78.52% and a negative net margin of 275.47%.The company had revenue of $24.76 million during the quarter, compared to analysts’ expectations of $26.86 million. Rumble’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, analysts expect that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Holdings S.A. De C.V. Tether bought 270,478 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was bought at an average price of $5.46 per share, with a total value of $1,476,809.88. Following the purchase, the insider directly owned 104,397,003 shares of the company’s stock, valued at approximately $570,007,636.38. This represents a 0.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have acquired 1,063,670 shares of company stock worth $5,768,906. Company insiders own 70.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. AlphaQuest LLC boosted its holdings in Rumble by 711.8% in the first quarter. AlphaQuest LLC now owns 7,095 shares of the company’s stock worth $50,000 after purchasing an additional 6,221 shares in the last quarter. State of Wyoming acquired a new stake in shares of Rumble in the first quarter worth about $138,000. MAI Capital Management boosted its stake in shares of Rumble by 110.4% during the 1st quarter. MAI Capital Management now owns 9,529 shares of the company’s stock worth $67,000 after acquiring an additional 5,000 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Rumble by 136.7% during the 1st quarter. Royal Bank of Canada now owns 210,665 shares of the company’s stock valued at $1,490,000 after acquiring an additional 121,650 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Rumble during the 1st quarter valued at about $2,379,000. Institutional investors own 26.15% of the company’s stock.

About Rumble

Rumble Inc operates a video-sharing platform designed to offer creators and audiences an alternative to traditional social media and streaming services. The company’s primary business activities include hosting, distributing and monetizing user–generated and professional video content. Through its platform, Rumble enables content creators to retain a higher share of advertising revenue and maintain greater control over their intellectual property, while offering viewers open access to a wide range of videos spanning news, sports, entertainment and educational programming.

In addition to its core video platform, Rumble provides cloud–based video hosting and delivery services via Rumble Cloud, a content–delivery network (CDN) designed to support high–volume streaming and storage.