Rumble (NASDAQ:RUM) Releases Quarterly Earnings Results

Key Points

• Rumble reported a quarterly loss of ($0.12) EPS, missing estimates by ($0.04) as revenue of $25.09 million also fell short of expectations.
• The company experienced a negative net margin of 293.43% and a negative return on equity of 117.60%, despite a year-over-year revenue increase of 11.6%.
• Wedbush has set a price target of $8.00 on Rumble's shares, giving the stock a "neutral" rating as recent trading saw it open at $7.88.

Rumble (NASDAQ:RUM - Get Free Report) posted its quarterly earnings results on Sunday. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.06), Zacks reports. Rumble had a negative net margin of 289.37% and a negative return on equity of 125.67%. The business had revenue of $25.09 million for the quarter, compared to analyst estimates of $26.78 million. Rumble's revenue for the quarter was up 11.6% compared to the same quarter last year.

Rumble Trading Down 2.5%

NASDAQ:RUM traded down $0.20 during mid-day trading on Tuesday, hitting $7.92. 4,824,486 shares of the company's stock traded hands, compared to its average volume of 3,170,916. The firm has a 50 day moving average of $8.92 and a two-hundred day moving average of $9.03. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of -5.54 and a beta of 0.72. Rumble has a 12 month low of $4.92 and a 12 month high of $17.40.

Analyst Upgrades and Downgrades

Separately, Wedbush set a $8.00 target price on Rumble and gave the company a "neutral" rating in a research note on Tuesday, April 15th.

Hedge Funds Weigh In On Rumble

Several large investors have recently added to or reduced their stakes in RUM. Prudential Financial Inc. acquired a new position in shares of Rumble in the 2nd quarter worth approximately $99,000. AQR Capital Management LLC bought a new position in Rumble in the 1st quarter valued at $163,000. JPMorgan Chase & Co. boosted its position in Rumble by 24,888.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 37,483 shares of the company's stock valued at $337,000 after buying an additional 37,333 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Rumble by 82.4% in the 2nd quarter. Legal & General Group Plc now owns 91,844 shares of the company's stock worth $825,000 after purchasing an additional 41,490 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in shares of Rumble in the 2nd quarter worth $1,041,000. Institutional investors and hedge funds own 26.15% of the company's stock.

About Rumble

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.