Rumble (NASDAQ:RUM) Stock Price Up 6.9% - Here's Why

Key Points

• Rumble shares rose 6.9% in Monday midday trading to about $7.97, lifting the stock above its 50-day and 200-day moving averages.
• The company’s latest quarterly revenue increased 61% year over year to $40.37 million, beating estimates, but its $0.28-per-share loss was wider than expected.
• Analyst sentiment remains negative: Rumble has a consensus “Sell” rating, while institutional investors and hedge funds own 26.15% of the stock.

Rumble Inc. (NASDAQ:RUM - Get Free Report) shares were up 6.9% during mid-day trading on Monday . The company traded as high as $7.98 and last traded at $7.9730. Approximately 2,023,966 shares traded hands during trading, a decline of 27% from the average session volume of 2,787,339 shares. The stock had previously closed at $7.46.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of Rumble from a "hold" rating to a "sell" rating in a research note on Saturday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Rumble in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of "Sell".

Rumble Stock Up 11.9%

The business's fifty day moving average price is $6.50 and its two-hundred day moving average price is $6.39. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.12. The stock has a market capitalization of $4.14 billion, a PE ratio of -14.15 and a beta of 1.14.

Rumble (NASDAQ:RUM - Get Free Report) last released 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). Rumble had a negative return on equity of 22.77% and a negative net margin of 134.60%.The firm had revenue of $40.37 million for the quarter, compared to analyst estimates of $31.23 million. During the same period last year, the firm earned ($0.12) EPS. The company's revenue for the quarter was up 61.0% compared to the same quarter last year. On average, equities research analysts forecast that Rumble Inc. will post -0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

About Rumble

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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