Sen. David McCormick Sells Off Rumble Inc. (NASDAQ:RUM) Shares

Senator David McCormick (R-Pennsylvania) recently sold shares of Rumble Inc. (NASDAQ:RUM). In a filing disclosed on February 09th, the Senator disclosed that they had sold between $1,000,001 and $5,000,000 in Rumble stock on January 16th.

Rumble Price Performance

Shares of RUM opened at $12.25 on Tuesday. The firm has a market capitalization of $4.77 billion, a P/E ratio of -19.44 and a beta of 0.50. The business has a fifty day moving average of $11.22 and a 200 day moving average of $7.74. Rumble Inc. has a one year low of $4.92 and a one year high of $17.40.

Rumble (NASDAQ:RUM) last released 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). Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The company had revenue of $25.06 million for the quarter, compared to analysts’ expectations of $29.25 million. During the same quarter in the previous year, the company posted ($0.14) EPS. Analysts expect that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RUM shares. Maxim Group started coverage on shares of Rumble in a report on Wednesday, January 15th. They issued a “buy” rating and a $20.00 price target for the company. Wedbush reiterated a “neutral” rating and set a $8.00 price target on shares of Rumble in a research note on Wednesday, November 13th.

Insider Activity

In other Rumble news, Director Robert Arsov sold 29,988 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was 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 $86,162,708.10. This represents a 0.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 70.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rumble

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in Rumble during the 4th quarter valued at about $468,000. Charles Schwab Investment Management Inc. raised its position in shares of Rumble by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 492,793 shares of the company’s stock worth $6,411,000 after acquiring an additional 14,476 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of Rumble by 50.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,933 shares of the company’s stock worth $38,000 after buying an additional 980 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Rumble by 423.1% in the 4th quarter. Jones Financial Companies Lllp now owns 8,003 shares of the company’s stock valued at $104,000 after purchasing an additional 6,473 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Rumble in the 4th quarter worth $340,000. Institutional investors own 26.15% of the company’s stock.

About Senator McCormick

David McCormick (Republican Party) is a member of the U.S. Senate from Pennsylvania. He assumed office on January 3, 2025. His current term ends on January 3, 2031.

McCormick (Republican Party) ran for election to the U.S. Senate to represent Pennsylvania. He won in the general election on November 5, 2024.

David McCormick was born in Washington, Pennsylvania, and lives in Pennsylvania. He served in the U.S. Army 82nd Airborne Division as a paratrooper, during which time he was deployed to the Middle East during the First Gulf War and reached the rank of Captain. McCormick received his bachelor’s degree in mechanical engineering from the United States Military Academy at West Point and his Ph.D. in international affairs from Princeton University. His professional experience includes working as the CEO of a tech startup and of Bridgewater Associates, an investment management firm, and under secretary in both the Department of Commerce and the Department of the Treasury.

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.