Rumble (NASDAQ:RUM) Sees Large Volume Increase – Time to Buy?

Rumble Inc. (NASDAQ:RUM) saw unusually-strong trading volume on Tuesday . Approximately 2,025,585 shares were traded during trading, a decline of 33% from the previous session’s volume of 3,018,335 shares.The stock last traded at $6.38 and had previously closed at $6.48.

Analyst Upgrades and Downgrades

Separately, Wedbush reiterated a “neutral” rating and issued a $8.00 target price on shares of Rumble in a research report on Tuesday, August 13th.

Rumble Stock Down 0.3 %

The firm’s 50-day simple moving average is $5.55 and its 200-day simple moving average is $6.03. The firm has a market capitalization of $2.51 billion, a PE ratio of -9.36 and a beta of 0.74.

Rumble (NASDAQ:RUM) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.03). The firm had revenue of $22.47 million for the quarter, compared to the consensus estimate of $19.69 million. Rumble had a negative net margin of 163.37% and a negative return on equity of 54.31%. On average, equities research analysts forecast that Rumble Inc. will post -0.55 earnings per share for the current year.

Insider Activity

In other news, Director Robert Arsov sold 27,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $5.87, for a total transaction of $161,425.00. Following the completion of the transaction, the director now directly owns 14,879,837 shares of the company’s stock, valued at approximately $87,344,643.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 167,500 shares of company stock valued at $936,825. Insiders own 72.90% of the company’s stock.

Hedge Funds Weigh In On Rumble

Institutional investors have recently bought and sold shares of the stock. Redwood Wealth Management Group LLC bought a new position in Rumble in the second quarter worth about $30,000. Coppell Advisory Solutions Corp. bought a new position in Rumble in the first quarter worth about $81,000. Bank of New York Mellon Corp bought a new position in shares of Rumble during the second quarter valued at approximately $66,000. SG Americas Securities LLC bought a new position in shares of Rumble during the second quarter valued at approximately $67,000. Finally, Solano Wealth Management Inc. bought a new position in shares of Rumble during the second quarter valued at approximately $83,000. 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.