Investors Buy High Volume of Rumble Call Options (NASDAQ:RUM)

Key Points

• Rumble Inc. experienced a significant rise in trading activity, with investors purchasing 12,766 call options, reflecting a 72% increase from the average volume.
• The company's stock price rose by 12.2% to $8.30, with a notable trading volume of over 17 million shares compared to its usual volume of around 3 million.
• Rumble's recent earnings report showed a quarterly loss of $0.14 per share, missing analyst expectations, despite a year-over-year revenue growth of 11.6% to $25.09 million.

Rumble Inc. (NASDAQ:RUM - Get Free Report) was the target of unusually large options trading activity on Friday. Stock traders bought 12,766 call options on the stock. This represents an increase of approximately 72% compared to the typical volume of 7,412 call options.

Rumble Trading Up 12.2%

RUM traded up $0.91 on Friday, reaching $8.30. The company had a trading volume of 17,749,340 shares, compared to its average volume of 2,978,756. The company has a fifty day moving average of $7.72 and a 200-day moving average of $8.29. The company has a market capitalization of $3.61 billion, a P/E ratio of -5.77 and a beta of 0.69. Rumble has a one year low of $5.20 and a one year high of $17.40.

Rumble (NASDAQ:RUM - Get Free Report) last issued 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). Rumble had a negative net margin of 289.37% and a negative return on equity of 97.99%. The business had revenue of $25.09 million during the quarter, compared to analyst estimates of $26.78 million. Rumble's revenue for the quarter was up 11.6% on a year-over-year basis. Research analysts predict that Rumble will post -0.62 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of Rumble from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. One 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.00.

Institutional Investors Weigh In On Rumble

Institutional investors and hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC acquired a new stake in Rumble in the 1st quarter valued at about $2,379,000. Vanguard Group Inc. lifted its stake in Rumble by 20.2% during the first quarter. Vanguard Group Inc. now owns 9,585,466 shares of the company's stock valued at $67,769,000 after buying an additional 1,612,891 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Rumble by 41.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 698,074 shares of the company's stock valued at $4,935,000 after buying an additional 205,281 shares in the last quarter. XTX Topco Ltd lifted its stake in Rumble by 31.1% during the first quarter. XTX Topco Ltd now owns 23,827 shares of the company's stock valued at $168,000 after buying an additional 5,653 shares in the last quarter. Finally, Stratos Wealth Partners LTD. lifted its stake in Rumble by 353.2% during the first quarter. Stratos Wealth Partners LTD. now owns 63,596 shares of the company's stock valued at $450,000 after buying an additional 49,564 shares in the last quarter. 26.15% of the stock is owned by institutional investors and hedge funds.

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.

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.