Insider Selling: Rumble Inc. (NASDAQ:RUM) CTO Sells 3,817,165 Shares of Stock

Rumble Inc. (NASDAQ:RUM) CTO Wojciech Hlibowicki sold 3,817,165 shares of Rumble stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $7.50, for a total value of $28,628,737.50. Following the completion of the sale, the chief technology officer now directly owns 4,592 shares in the company, valued at $34,440. This trade represents a 99.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Rumble Stock Down 8.8 %

NASDAQ RUM traded down $1.08 during trading hours on Tuesday, hitting $11.17. 3,345,675 shares of the company were exchanged, compared to its average volume of 4,398,688. The stock has a 50-day moving average price of $11.32 and a 200 day moving average price of $7.78. Rumble Inc. has a 52 week low of $4.92 and a 52 week high of $17.40. The stock has a market cap of $4.35 billion, a PE ratio of -17.73 and a beta of 0.50.

Rumble (NASDAQ:RUM) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The company had revenue of $25.06 million for the quarter, compared to the consensus estimate of $29.25 million. During the same period in the previous year, the firm earned ($0.14) earnings per share. As a group, sell-side analysts anticipate that Rumble Inc. will post -0.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RUM shares. Wedbush reaffirmed a “neutral” rating and issued a $8.00 target price on shares of Rumble in a report on Wednesday, November 13th. Maxim Group started coverage on Rumble in a research note on Wednesday, January 15th. They set a “buy” rating and a $20.00 price objective on the stock.

Institutional Investors Weigh In On Rumble

Large investors have recently added to or reduced their stakes in the stock. Cypress Point Wealth Management LLC bought a new position in shares of Rumble during the third quarter valued at approximately $98,000. RIA Advisory Group LLC bought a new position in shares of Rumble during the third quarter valued at approximately $81,000. Charles Schwab Investment Management Inc. grew its stake in shares of Rumble by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock valued at $2,564,000 after buying an additional 24,879 shares during the last quarter. FMR LLC grew its stake in shares of Rumble by 995.3% during the third quarter. FMR LLC now owns 22,387 shares of the company’s stock valued at $120,000 after buying an additional 20,343 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Rumble by 20.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,962 shares of the company’s stock valued at $166,000 after buying an additional 5,348 shares during the last quarter. 26.15% of the stock is owned by institutional investors.

About Rumble

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.