Rumble (NASDAQ:RUM) Shares Gap Up - Still a Buy?

Key Points

• Rumble Inc. (NASDAQ:RUM) shares gapped up from $7.39 to $8.22 at open, last trading at $8.46 with a volume of over 6.7 million shares.
• Wall Street analysts have mixed opinions on Rumble's stock, with one "Buy" rating and a "Moderate Buy" consensus, while recent reports downgraded the rating to "sell."
• The company reported a quarterly earnings miss with a loss of ($0.14) per share and revenue of $25.09 million, both falling short of analyst expectations.

Shares of Rumble Inc. (NASDAQ:RUM - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $7.39, but opened at $8.22. Rumble shares last traded at $8.46, with a volume of 6,779,421 shares.

Wall Street Analysts Forecast Growth

RUM has been the topic of several recent analyst reports. Wall Street Zen cut shares of Rumble from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Weiss Ratings restated a "sell (e+)" rating on shares of Rumble in a report on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Rumble has an average rating of "Moderate Buy" and a consensus price target of $14.00.

Rumble Stock Performance

The stock has a market cap of $3.72 billion, a P/E ratio of -5.99 and a beta of 0.69. The company's fifty day moving average price is $7.72 and its 200-day moving average price is $8.29.

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 the consensus estimate of ($0.08) by ($0.06). The business had revenue of $25.09 million during the quarter, compared to analysts' expectations of $26.78 million. Rumble had a negative return on equity of 97.99% and a negative net margin of 289.37%.The company's revenue for the quarter was up 11.6% compared to the same quarter last year. Analysts anticipate that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC bought a new stake in shares of Rumble in the 1st quarter valued at about $2,379,000. Vanguard Group Inc. increased its holdings 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 during the period. Charles Schwab Investment Management Inc. lifted its holdings in Rumble by 41.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 698,074 shares of the company's stock worth $4,935,000 after buying an additional 205,281 shares during the period. XTX Topco Ltd boosted its position in Rumble by 31.1% during the 1st quarter. XTX Topco Ltd now owns 23,827 shares of the company's stock valued at $168,000 after acquiring an additional 5,653 shares in the last quarter. Finally, Stratos Wealth Partners LTD. increased its holdings in shares of Rumble by 353.2% in the 1st quarter. Stratos Wealth Partners LTD. now owns 63,596 shares of the company's stock valued at $450,000 after acquiring an additional 49,564 shares during the period. 26.15% of the stock is currently owned by institutional investors.

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.

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