Rumble (NASDAQ:RUM) Sees Strong Trading Volume - Here's Why

Key Points

• Rumble shares saw unusually heavy trading, with 3.44 million shares changing hands, up 26% from the prior session; the stock rose to $8.447 from a $7.55 close.
• Analysts remain bearish, with Rumble carrying a consensus “Sell” rating. Weiss Ratings reiterated “sell,” while Wall Street Zen upgraded the stock to “hold.”
• Rumble’s latest quarter showed 61% year-over-year revenue growth to $40.37 million, beating expectations, but its adjusted loss of $0.28 per share was wider than forecast and the company continues to report deeply negative margins.

Shares of Rumble Inc. (NASDAQ:RUM - Get Free Report) saw unusually-strong trading volume on Thursday . 3,440,646 shares changed hands during trading, an increase of 26% from the previous session's volume of 2,735,299 shares.The stock last traded at $8.4470 and had previously closed at $7.55.

Analyst Ratings Changes

A number of brokerages have commented on RUM. Weiss Ratings restated a "sell (d-)" rating on shares of Rumble in a research note on Friday, July 24th. Wall Street Zen upgraded Rumble from a "strong sell" rating to a "hold" rating in a report on Saturday, May 16th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of "Sell".

Rumble Price Performance

The firm has a fifty day moving average of $6.52 and a two-hundred day moving average of $6.37. The stock has a market capitalization of $3.34 billion, a P/E ratio of -13.06 and a beta of 1.14.

Rumble (NASDAQ:RUM - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates 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 46.53%. The company's revenue for the quarter was up 61.0% on a year-over-year basis. During the same period last year, the business posted ($0.12) EPS. As a group, sell-side analysts forecast that Rumble Inc. will post -0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rumble

Hedge funds and other institutional investors have recently bought and sold shares of the company. Handelsbanken Fonder AB boosted its stake in Rumble by 38.1% in the second quarter. Handelsbanken Fonder AB now owns 39,500 shares of the company's stock valued at $250,000 after acquiring an additional 10,900 shares in the last quarter. Cooper Creek Partners Management LLC lifted its holdings in shares of Rumble by 54.1% during the 1st quarter. Cooper Creek Partners Management LLC now owns 5,242,497 shares of the company's stock valued at $26,737,000 after purchasing an additional 1,840,893 shares during the last quarter. State of Wyoming purchased a new stake in shares of Rumble during the 1st quarter valued at $62,000. Bank of New York Mellon Corp boosted its position in shares of Rumble by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 322,245 shares of the company's stock worth $1,643,000 after purchasing an additional 1,475 shares in the last quarter. Finally, Sigma Planning Corp boosted its position in shares of Rumble by 2.1% in the 1st quarter. Sigma Planning Corp now owns 162,699 shares of the company's stock worth $830,000 after purchasing an additional 3,349 shares in the last quarter. Hedge funds and other institutional investors own 26.15% of the company's stock.

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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