Arete Wealth Advisors LLC Trims Stock Holdings in 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 trimmed its position in Rumble Inc. (NASDAQ:RUM - Free Report) by 59.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC purchased a new stake in Rumble in the first quarter worth $163,000. Cubist Systematic Strategies LLC purchased a new stake in Rumble in the first quarter worth $2,379,000. Royal Bank of Canada grew its stake in Rumble by 136.7% in the first quarter. Royal Bank of Canada now owns 210,665 shares of the company's stock worth $1,490,000 after purchasing an additional 121,650 shares during the period. MAI Capital Management grew its stake in Rumble by 110.4% in the first quarter. MAI Capital Management now owns 9,529 shares of the company's stock worth $67,000 after purchasing an additional 5,000 shares during the period. Finally, State of Wyoming purchased a new stake in Rumble in the first quarter worth $138,000. 26.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Rumble from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Rumble currently has an average rating of "Moderate Buy" and an average price target of $14.00.

Rumble Trading Up 2.7%

NASDAQ RUM opened at $7.51 on Wednesday. Rumble Inc. has a 12 month low of $4.92 and a 12 month high of $17.40. The stock has a market cap of $3.26 billion, a P/E ratio of -5.25 and a beta of 0.70. The stock's fifty day moving average price is $8.39 and its 200-day moving average price is $8.42.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.