Rumble (NASDAQ:RUM) Shares Up 11.8% Following Analyst Upgrade

Rumble Inc. (NASDAQ:RUM) shares rose 11.8% on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $5.76 and last traded at $5.7140. 2,337,631 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 3,295,880 shares. The stock had previously closed at $5.11.

A number of other brokerages also recently commented on RUM. Lake Street Capital began coverage on Rumble in a research report on Tuesday, October 6th. They set a “hold” rating and a $25.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rumble in a report on Thursday, October 22nd. Finally, Wall Street Zen cut shares of Rumble from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $25.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RUM. Cooper Creek Partners Management LLC raised its holdings in Rumble by 54.1% in the 1st quarter. Cooper Creek Partners Management LLC now owns 5,242,497 shares of the company’s stock valued at $26,737,000 after buying an additional 1,840,893 shares during the period. State Street Corp boosted its stake in Rumble by 13.7% during the third quarter. State Street Corp now owns 3,288,863 shares of the company’s stock worth $24,864,000 after buying an additional 395,734 shares during the period. Bank of New York Mellon Corp increased its position in shares of Rumble by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 322,245 shares of the company’s stock valued at $1,643,000 after acquiring an additional 1,475 shares during the last quarter. Sigma Planning Corp increased its position in shares of Rumble by 2.1% during the first quarter. Sigma Planning Corp now owns 162,699 shares of the company’s stock valued at $830,000 after acquiring an additional 3,349 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Rumble by 21.8% during the third quarter. Russell Investments Group Ltd. now owns 72,661 shares of the company’s stock valued at $549,000 after acquiring an additional 12,989 shares during the last quarter. 26.15% of the stock is currently owned by hedge funds and other institutional investors.

Rumble Trading Down 4.2%

The business’s 50 day moving average price is $6.87 and its 200-day moving average price is $6.67. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25.

Rumble (NASDAQ:RUM) last issued its quarterly earnings data on Wednesday, November 11th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.08). The firm had revenue of $96.58 million during the quarter, compared to analyst estimates of $89.00 million. Rumble had a negative net margin of 117.18% and a negative return on equity of 28.72%. The company’s quarterly revenue was up 289.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) earnings per share. On average, research analysts forecast that Rumble Inc. will post -0.55 EPS for the current year.

Rumble Company Profile

Rumble Inc. operates a video-sharing platform where users can upload, watch and share videos. The company also offers live-streaming tools and services that help creators publish and monetize content, including through advertising and subscriptions. Founded in 2013 by Chris Pavlovski, Rumble has expanded beyond video distribution into cloud computing. Its Rumble Cloud business provides infrastructure services to organizations seeking alternatives to larger cloud providers. The company serves creators, viewers and business customers in multiple countries, with a substantial presence in North America.