Rumble (NASDAQ:RUM) Shares Gap Up - What's Next?

Key Points

• Rumble Inc.'s shares gapped up from $7.88 to open at $8.98, with recent trading at $8.71 and a volume of 3,742,340 shares.
• Analysts at Wedbush set a target price of $8.00 for Rumble shares, maintaining a "neutral" rating amidst fluctuating market conditions.
• In its recent earnings report, Rumble missed estimates with a loss of ($0.12) EPS and revenue of $25.09 million, despite showing an 11.6% revenue increase from the same quarter last year.

Rumble Inc. (NASDAQ:RUM - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $7.88, but opened at $8.98. Rumble shares last traded at $8.71, with a volume of 3,742,340 shares changing hands.

Analyst Ratings Changes

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

Rumble Price Performance

The business has a fifty day moving average of $8.96 and a 200 day moving average of $9.07. The stock has a market cap of $3.56 billion, a PE ratio of -5.72 and a beta of 0.72.

Rumble (NASDAQ:RUM - Get Free Report) last released its earnings results on Sunday, August 10th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.04). The business had revenue of $25.09 million for the quarter, compared to the consensus estimate of $26.78 million. Rumble had a negative net margin of 293.43% and a negative return on equity of 117.60%. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities research analysts expect that Rumble Inc. will post -0.62 EPS for the current year.

Institutional Trading of Rumble

Several hedge funds have recently added to or reduced their stakes in RUM. Legal & General Group Plc raised its holdings in shares of Rumble by 16.0% in the 4th quarter. Legal & General Group Plc now owns 50,354 shares of the company's stock worth $655,000 after purchasing an additional 6,937 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Rumble during the fourth quarter worth $468,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Rumble by 29.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,800 shares of the company's stock valued at $232,000 after purchasing an additional 4,100 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Rumble in the 4th quarter worth about $753,000. Finally, Voloridge Investment Management LLC acquired a new stake in Rumble during the 4th quarter worth about $408,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.