Arete Wealth Advisors LLC Takes Position in Rumble Inc. (NASDAQ:RUM)

Arete Wealth Advisors LLC bought a new position in shares of Rumble Inc. (NASDAQ:RUM) during the fourth quarter, Holdings Channel reports. The fund bought 195,280 shares of the company’s stock, valued at approximately $2,540,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Rumble by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,041,044 shares of the company’s stock worth $13,550,000 after purchasing an additional 5,326 shares during the period. Momentous Wealth Management Inc. bought a new stake in Rumble during the fourth quarter valued at $180,000. Vanguard Group Inc. grew its position in Rumble by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 7,972,575 shares of the company’s stock worth $103,723,000 after buying an additional 229,294 shares in the last quarter. LPL Financial LLC increased its stake in Rumble by 18.9% in the 4th quarter. LPL Financial LLC now owns 109,403 shares of the company’s stock worth $1,423,000 after acquiring an additional 17,391 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Rumble in the 4th quarter valued at about $138,000. 26.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rumble

In other news, COO Tyler Hughes sold 312,727 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $7.50, for a total transaction of $2,345,452.50. Following the transaction, the chief operating officer now directly owns 65,127 shares of the company’s stock, valued at approximately $488,452.50. This trade represents a 82.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ryan Milnes sold 24,978,210 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $7.50, for a total value of $187,336,575.00. Following the completion of the sale, the director now directly owns 57,290 shares of the company’s stock, valued at approximately $429,675. This trade represents a 99.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,104,017 shares of company stock worth $308,280,128. 70.10% of the stock is currently owned by insiders.

Rumble Stock Up 4.7 %

Shares of RUM stock opened at $8.06 on Thursday. The business has a 50-day moving average price of $9.90 and a two-hundred day moving average price of $8.56. Rumble Inc. has a 12-month low of $4.92 and a 12-month high of $17.40. The firm has a market cap of $3.14 billion, a P/E ratio of -12.79 and a beta of 0.56.

Rumble (NASDAQ:RUM) last announced its quarterly earnings data on Tuesday, March 25th. The company reported ($1.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($1.02). The firm had revenue of $30.20 million for the quarter, compared to analysts’ expectations of $29.74 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. Rumble’s revenue for the quarter was up 48.0% on a year-over-year basis. As a group, research analysts expect that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wedbush cut their price objective on Rumble from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, March 26th. Maxim Group started coverage on shares of Rumble in a research note on Wednesday, January 15th. They issued a “buy” rating and a $20.00 price target for the company.

Rumble 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.