Arete Wealth Advisors LLC Sells 116,280 Shares of Rumble Inc. $RUM

Key Points

• Arete Wealth Advisors LLC has reduced its holdings in Rumble Inc. by 59.5%, now owning 79,000 shares worth approximately $559,000.
• Following a recent earnings report that missed expectations, Rumble received a downgrade from a "hold" to a "sell" rating from Wall Street Zen, impacting its average trading recommendation.
• Rumble's stock currently has a market cap of $3.26 billion and has experienced a 12-month price range between $4.92 and $17.40.

Arete Wealth Advisors LLC reduced its position in shares of Rumble Inc. (NASDAQ:RUM - Free Report) by 59.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 79,000 shares of the company's stock after selling 116,280 shares during the period. Arete Wealth Advisors LLC's holdings in Rumble were worth $559,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC acquired a new stake in Rumble in the 1st quarter valued at about $163,000. Cubist Systematic Strategies LLC acquired a new stake in Rumble in the 1st quarter valued at about $2,379,000. Royal Bank of Canada increased its position in Rumble by 136.7% in the 1st quarter. Royal Bank of Canada now owns 210,665 shares of the company's stock valued at $1,490,000 after acquiring an additional 121,650 shares in the last quarter. MAI Capital Management increased its position in Rumble by 110.4% in the 1st quarter. MAI Capital Management now owns 9,529 shares of the company's stock valued at $67,000 after acquiring an additional 5,000 shares in the last quarter. Finally, State of Wyoming acquired a new stake in Rumble in the 1st quarter valued at about $138,000. Institutional investors and hedge funds own 26.15% of the company's stock.

Rumble Trading Up 2.8%

Shares of RUM traded up $0.20 on Monday, reaching $7.51. 2,793,243 shares of the company's stock were exchanged, compared to its average volume of 2,862,674. The stock has a market capitalization of $3.27 billion, a P/E ratio of -5.26 and a beta of 0.71. The business has a 50 day moving average price of $8.25 and a two-hundred day moving average price of $8.37. Rumble Inc. has a 12 month low of $5.03 and a 12 month high of $17.40.

Rumble (NASDAQ:RUM - Get Free Report) last posted its quarterly earnings results on Sunday, August 10th. The company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.06). The business had revenue of $25.09 million for the quarter, compared to the consensus estimate of $26.78 million. Rumble had a negative return on equity of 97.99% and a negative net margin of 289.37%.Rumble's revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts predict that Rumble Inc. will post -0.62 EPS for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Rumble from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.00.

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.