Insider Buying: Rumble (NASDAQ:RUM) Major Shareholder Buys 44,355 Shares of Stock

Rumble Inc. (NASDAQ:RUM) major shareholder Tether Global Investments Fund bought 44,355 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The shares were acquired at an average cost of $5.48 per share, for a total transaction of $243,065.40. Following the completion of the purchase, the insider owned 105,174,015 shares in the company, valued at $576,353,602.20. This trade represents a 0.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Tether Global Investments Fund also recently made the following trade(s):

• On Thursday, February 5th, Tether Global Investments Fund purchased 538,955 shares of Rumble stock. The stock was acquired at an average cost of $5.41 per share, with a total value of $2,915,746.55.
• On Tuesday, February 3rd, Tether Global Investments Fund purchased 193,702 shares of Rumble stock. The stock was acquired at an average price of $5.49 per share, with a total value of $1,063,423.98.

Rumble Stock Performance

Shares of Rumble stock traded up $0.43 during trading hours on Friday, reaching $5.78. 2,069,662 shares of the company were exchanged, compared to its average volume of 1,840,087. The firm has a market cap of $2.51 billion, a PE ratio of -4.31 and a beta of 0.69. Rumble Inc. has a 1 year low of $5.11 and a 1 year high of $13.82. The stock’s fifty day moving average is $6.49 and its 200 day moving average is $7.07.

Rumble (NASDAQ:RUM) last released its earnings results on Monday, November 10th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $26.86 million. Rumble’s revenue for the quarter was down 1.2% on a year-over-year basis. Research analysts expect that Rumble Inc. will post -0.62 earnings per share for the current year.

Institutional Trading of Rumble

Institutional investors have recently modified their holdings of the stock. Silver Oak Securities Incorporated boosted its holdings in shares of Rumble by 3.7% in the 3rd quarter. Silver Oak Securities Incorporated now owns 38,939 shares of the company’s stock valued at $282,000 after buying an additional 1,400 shares in the last quarter. Merit Financial Group LLC lifted its position in Rumble by 12.7% in the third quarter. Merit Financial Group LLC now owns 14,038 shares of the company’s stock valued at $102,000 after acquiring an additional 1,577 shares during the last quarter. RIA Advisory Group LLC boosted its stake in Rumble by 12.1% in the third quarter. RIA Advisory Group LLC now owns 16,725 shares of the company’s stock valued at $121,000 after acquiring an additional 1,800 shares in the last quarter. CWM LLC grew its holdings in shares of Rumble by 41.9% during the second quarter. CWM LLC now owns 6,238 shares of the company’s stock worth $56,000 after purchasing an additional 1,843 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Rumble by 12.9% during the third quarter. ProShare Advisors LLC now owns 18,248 shares of the company’s stock worth $132,000 after purchasing an additional 2,091 shares in the last quarter. Hedge funds and other institutional investors own 26.15% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rumble in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $8.00.

Rumble Company Profile

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.