Short Interest in Rumble Inc. (NASDAQ:RUM) Decreases By 27.1%

Rumble Inc. (NASDAQ:RUM) was the recipient of a large decrease in short interest in December. As of December 31st, there was short interest totalling 10,990,000 shares, a decrease of 27.1% from the December 15th total of 15,070,000 shares. Based on an average daily trading volume, of 6,360,000 shares, the days-to-cover ratio is currently 1.7 days. Currently, 14.8% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Maxim Group began coverage on shares of Rumble in a research report on Wednesday. They issued a “buy” rating and a $20.00 price objective for the company. Wedbush reiterated a “neutral” rating and issued a $8.00 price target on shares of Rumble in a report on Wednesday, November 13th.

Insider Activity at Rumble

In related news, Director Robert Arsov sold 29,988 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $6.90, for a total value of $206,917.20. Following the completion of the transaction, the director now owns 12,487,349 shares of the company’s stock, valued at approximately $86,162,708.10. The trade was a 0.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 114,988 shares of company stock valued at $701,617. 72.90% of the stock is owned by corporate insiders.

Institutional Trading of Rumble

A number of institutional investors and hedge funds have recently made changes to their positions in RUM. Bank of New York Mellon Corp acquired a new stake in Rumble during the second quarter worth about $66,000. Arizona State Retirement System purchased a new position in Rumble in the second quarter valued at approximately $91,000. Total Clarity Wealth Management Inc. acquired a new position in Rumble during the second quarter valued at approximately $161,000. Cypress Point Wealth Management LLC purchased a new stake in Rumble during the third quarter worth approximately $98,000. Finally, RIA Advisory Group LLC purchased a new stake in Rumble during the third quarter worth approximately $81,000. 26.15% of the stock is currently owned by institutional investors and hedge funds.

Rumble Trading Up 5.3 %

RUM traded up $0.65 during midday trading on Friday, hitting $12.90. The company’s stock had a trading volume of 5,875,790 shares, compared to its average volume of 5,133,454. Rumble has a 52-week low of $3.37 and a 52-week high of $17.40. The firm has a 50-day moving average price of $9.09 and a two-hundred day moving average price of $6.96. The firm has a market cap of $5.03 billion, a P/E ratio of -20.48 and a beta of 0.52.

Rumble (NASDAQ:RUM) last released its earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $25.06 million during the quarter, compared to analysts’ expectations of $29.25 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. On average, equities analysts expect that Rumble will post -0.62 EPS for the current year.

Rumble Company Profile

Rumble Inc operates video sharing platforms in the United States, Canada, and internationally. The company operates rumble.com, a free-to-use video sharing and livestreaming platform where users can subscribe to channels to stay in touch with creators, and access video on-demand (VOD) and live content streamed by creators.