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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.06), Zacks reports. The company had revenue of $25.09 million during the quarter, compared to analysts' expectations of $26.78 million. Rumble had a negative net margin of 289.37% and a negative return on equity of 97.99%. The business's revenue was up 11.6% compared to the same quarter last year.

Rumble Stock Performance

Shares of Rumble stock traded down $0.09 during trading on Friday, reaching $7.98. The company had a trading volume of 1,156,556 shares, compared to its average volume of 2,975,239. Rumble has a fifty-two week low of $4.92 and a fifty-two week high of $17.40. The company has a market cap of $3.46 billion, a price-to-earnings ratio of -5.58 and a beta of 0.72. The firm's fifty day moving average is $8.90 and its 200-day moving average is $8.99.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Brevan Howard Capital Management LP purchased a new stake in shares of Rumble in the 2nd quarter valued at approximately $186,000. Bank of America Corp DE lifted its holdings in shares of Rumble by 0.4% during the 2nd quarter. Bank of America Corp DE now owns 637,500 shares of the company's stock worth $5,725,000 after acquiring an additional 2,678 shares during the period. California State Teachers Retirement System lifted its holdings in Rumble by 9.7% during the 2nd quarter. California State Teachers Retirement System now owns 55,586 shares of the company's stock valued at $499,000 after purchasing an additional 4,916 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Rumble during the 2nd quarter worth approximately $75,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Rumble by 305.5% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 142,715 shares of the company's stock worth $1,282,000 after buying an additional 107,521 shares during the period. Institutional investors 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.