Bank of America Corp DE Has $833,000 Stock Holdings in Rumble Inc. $RUM

Key Points

• Bank of America cut its Rumble stake by 48.4% in the first quarter, selling 153,113 shares and retaining 163,360 shares valued at approximately $833,000.
• Other institutional investors largely increased their positions, including Cantor Fitzgerald and Cooper Creek Partners; institutional investors collectively own 26.15% of Rumble.
• Rumble’s quarterly revenue rose 61% year over year to $40.37 million, but the company missed earnings expectations with a $0.28-per-share loss. Analysts maintain a consensus “Sell” rating.

Bank of America Corp DE trimmed its position in Rumble Inc. (NASDAQ:RUM - Free Report) by 48.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,360 shares of the company's stock after selling 153,113 shares during the quarter. Bank of America Corp DE's holdings in Rumble were worth $833,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Cantor Fitzgerald L. P. boosted its stake in Rumble by 26.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 9,326,205 shares of the company's stock valued at $58,942,000 after buying an additional 1,951,768 shares in the last quarter. Cooper Creek Partners Management LLC lifted its holdings in shares of Rumble by 54.1% during the first quarter. Cooper Creek Partners Management LLC now owns 5,242,497 shares of the company's stock worth $26,737,000 after purchasing an additional 1,840,893 shares during the period. Geode Capital Management LLC increased its stake in shares of Rumble by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 2,821,230 shares of the company's stock valued at $17,834,000 after buying an additional 78,303 shares during the period. UBS Group AG raised its holdings in Rumble by 4.6% during the 3rd quarter. UBS Group AG now owns 1,064,072 shares of the company's stock worth $7,704,000 after purchasing an additional 46,925 shares during the last quarter. Finally, Barclays PLC lifted its holdings in Rumble by 177.8% in the fourth quarter. Barclays PLC now owns 417,454 shares of the company's stock valued at $2,638,000 after buying an additional 267,177 shares during the period. 26.15% of the stock is owned by institutional investors.

Rumble Price Performance

RUM stock opened at $8.60 on Monday. The stock has a fifty day moving average of $7.04 and a 200-day moving average of $6.71. Rumble Inc. has a fifty-two week low of $4.62 and a fifty-two week high of $10.60. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of -14.58 and a beta of 1.21. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.12 and a current ratio of 2.12.

Rumble (NASDAQ:RUM - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.18). The business had revenue of $40.37 million for the quarter, compared to analysts' expectations of $31.23 million. Rumble had a negative net margin of 134.60% and a negative return on equity of 22.77%. Rumble's revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period last year, the company earned ($0.12) earnings per share. As a group, equities research analysts predict that Rumble Inc. will post -0.55 earnings per share for the current year.

Analysts Set New Price Targets

RUM has been the topic of several recent analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Rumble in a research note on Friday, July 24th. Wall Street Zen lowered shares of Rumble from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of "Sell".

Rumble Company Profile

Rumble Inc operates a video-sharing platform designed to offer creators and audiences an alternative to traditional social media and streaming services. The company's primary business activities include hosting, distributing and monetizing user–generated and professional video content. Through its platform, Rumble enables content creators to retain a higher share of advertising revenue and maintain greater control over their intellectual property, while offering viewers open access to a wide range of videos spanning news, sports, entertainment and educational programming.

In addition to its core video platform, Rumble provides cloud–based video hosting and delivery services via Rumble Cloud, a content–delivery network (CDN) designed to support high–volume streaming and storage.

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