Rumble (NASDAQ:RUM) Stock Price Up 8.4% – Still a Buy?

Rumble Inc. (NASDAQ:RUM)’s share price was up 8.4% during mid-day trading on Wednesday . The stock traded as high as $9.65 and last traded at $9.6570. Approximately 2,958,970 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 2,444,677 shares. The stock had previously closed at $8.91.

Analysts Set New Price Targets

Several brokerages have recently commented on RUM. Wall Street Zen raised Rumble from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings raised shares of Rumble from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Rumble Stock Up 9.5%

The firm has a market cap of $4.25 billion, a price-to-earnings ratio of -22.69 and a beta of 1.02. The company has a 50-day moving average price of $6.36 and a 200 day moving average price of $6.25.

Rumble (NASDAQ:RUM) last announced its quarterly earnings data on Thursday, March 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Rumble had a negative return on equity of 42.47% and a negative net margin of 106.91%.The business had revenue of $27.07 million during the quarter, compared to analysts’ expectations of $27.09 million. During the same period in the prior year, the company posted ($1.15) earnings per share. The firm’s revenue was down 10.3% on a year-over-year basis. Equities analysts forecast that Rumble Inc. will post -0.22 EPS for the current year.

Institutional Investors Weigh In On Rumble

Several institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Rumble in the fourth quarter valued at about $47,000. Daiwa Securities Group Inc. grew its holdings in Rumble by 47.8% in the 4th quarter. Daiwa Securities Group Inc. now owns 9,254 shares of the company’s stock valued at $58,000 after buying an additional 2,993 shares during the last quarter. State of Wyoming acquired a new stake in Rumble in the 1st quarter valued at approximately $62,000. VestGen Advisors LLC acquired a new position in shares of Rumble during the fourth quarter valued at about $64,000. Finally, NewEdge Advisors LLC raised its stake in shares of Rumble by 2,905.9% in the fourth quarter. NewEdge Advisors LLC now owns 10,250 shares of the company’s stock valued at $65,000 after purchasing an additional 9,909 shares in the last quarter. Institutional investors and hedge funds own 26.15% of the company’s stock.

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.