Rumble (NASDAQ:RUM) Shares Gap Up – Here’s What Happened

Rumble Inc. (NASDAQ:RUM) gapped up before the market opened on Thursday . The stock had previously closed at $7.29, but opened at $8.46. Rumble shares last traded at $7.5990, with a volume of 2,858,265 shares.

Analyst Ratings Changes

RUM has been the topic of a number of research analyst reports. Wall Street Zen raised Rumble from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings raised Rumble from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Rumble Stock Up 1.0%

The stock’s 50-day moving average price is $7.34 and its 200 day moving average price is $6.49. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of -17.09 and a beta of 1.07.

Hedge Funds Weigh In On Rumble

Several large investors have recently added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new stake in Rumble during the third quarter worth $1,563,000. Monaco Asset Management SAM acquired a new position in shares of Rumble in the 3rd quarter valued at $724,000. Vanguard Group Inc. raised its stake in shares of Rumble by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 8,934,542 shares of the company’s stock valued at $64,686,000 after buying an additional 122,788 shares in the last quarter. Abel Hall LLC bought a new position in shares of Rumble during the 4th quarter worth about $81,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Rumble during the 3rd quarter valued at about $72,000. Institutional investors and hedge funds 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.