Rumble (NASDAQ:RUM) Shares Gap Down After Insider Selling

Shares of Rumble Inc. (NASDAQ:RUM - Get Free Report) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $6.98, but opened at $6.83. Rumble shares last traded at $6.82, with a volume of 190,047 shares traded.

Specifically, CFO Brandon Alexandroff sold 900,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $7.00, for a total transaction of $6,300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 31,776 shares of the company's stock, valued at approximately $222,432. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Rumble news, insider Claudio Ramolo sold 300,000 shares of the business's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $7.18, for a total transaction of $2,154,000.00. Following the sale, the insider now owns 6,203 shares in the company, valued at approximately $44,537.54. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brandon Alexandroff sold 900,000 shares of the firm's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $7.00, for a total value of $6,300,000.00. Following the completion of the sale, the chief financial officer now directly owns 31,776 shares of the company's stock, valued at approximately $222,432. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,753,908 shares of company stock valued at $12,295,560. 72.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Oppenheimer restated a "market perform" rating on shares of Rumble in a report on Thursday, March 28th.

Rumble Stock Down 1.4 %

The firm has a 50-day moving average price of $7.01 and a two-hundred day moving average price of $5.88. The company has a market capitalization of $2.66 billion, a P/E ratio of -12.07 and a beta of 0.88.

Rumble (NASDAQ:RUM - Get Free Report) last posted its quarterly earnings results on Wednesday, March 27th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.08. The firm had revenue of $20.39 million during the quarter, compared to analysts' expectations of $28.13 million. Rumble had a negative return on equity of 38.52% and a negative net margin of 143.79%. The company's revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.06) EPS. On average, analysts predict that Rumble Inc. will post -0.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Rumble

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in Rumble by 5.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,378 shares of the company's stock valued at $247,000 after buying an additional 2,413 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Rumble by 7.9% during the third quarter. Bank of New York Mellon Corp now owns 35,392 shares of the company's stock worth $181,000 after purchasing an additional 2,581 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in Rumble by 20.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 17,504 shares of the company's stock valued at $89,000 after buying an additional 2,977 shares during the period. Resolute Advisors LLC lifted its stake in shares of Rumble by 18.2% in the 3rd quarter. Resolute Advisors LLC now owns 26,000 shares of the company's stock valued at $133,000 after acquiring an additional 4,000 shares during the last quarter. Finally, TCP Asset Management LLC increased its stake in shares of Rumble by 21.3% in the first quarter. TCP Asset Management LLC now owns 28,520 shares of the company's stock valued at $230,000 after buying an additional 5,000 shares during the period. Institutional investors own 26.15% of the company's stock.

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.