Rumble (NASDAQ:RUM) Stock Price Down 9.3% – Time to Sell?

Rumble Inc. (NASDAQ:RUM)’s share price traded down 9.3% during mid-day trading on Wednesday . The company traded as low as $11.91 and last traded at $12.04. 1,611,318 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 4,460,772 shares. The stock had previously closed at $13.28.

Analyst Ratings Changes

Separately, Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Rumble in a report on Wednesday, November 13th.

Rumble Stock Performance

The business’s 50 day moving average is $8.47 and its two-hundred day moving average is $6.74. The firm has a market capitalization of $4.55 billion, a PE ratio of -18.56 and a beta of 0.52.

Rumble (NASDAQ:RUM) last announced its quarterly earnings results 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). 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 last year, the firm posted ($0.14) earnings per share. As a group, equities research analysts predict that Rumble Inc. will post -0.62 EPS for the current year.

Insider Buying and Selling at Rumble

In other news, Director Robert Arsov sold 29,988 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $6.90, for a total value of $206,917.20. Following the transaction, the director now owns 12,487,349 shares of the company’s stock, valued at approximately $86,162,708.10. This represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 114,988 shares of company stock valued at $701,617 in the last quarter. 72.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rumble

Large investors have recently added to or reduced their stakes in the business. Redwood Wealth Management Group LLC purchased a new stake in shares of Rumble in the 2nd quarter valued at about $30,000. Bank of New York Mellon Corp bought a new position in shares of Rumble in the second quarter worth approximately $66,000. Virtu Financial LLC purchased a new stake in Rumble in the third quarter valued at approximately $70,000. Barclays PLC lifted its position in Rumble by 663.9% during the third quarter. Barclays PLC now owns 13,559 shares of the company’s stock valued at $72,000 after purchasing an additional 11,784 shares during the last quarter. Finally, RIA Advisory Group LLC purchased a new position in Rumble in the 3rd quarter worth approximately $81,000. Institutional investors own 26.15% of the company’s stock.

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.