Rumble (NASDAQ:RUM) Stock Price Down 8.3% – Here’s Why

Rumble Inc. (NASDAQ:RUM)’s stock price was down 8.3% on Thursday. The company traded as low as $6.89 and last traded at $6.8940. Approximately 2,608,868 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 3,265,275 shares. The stock had previously closed at $7.52.

Analysts Set New Price Targets

Several brokerages recently commented on RUM. Lake Street Capital assumed coverage on Rumble in a research note on Tuesday. They issued a “hold” rating and a $25.00 price target for the company. Wall Street Zen cut shares of Rumble from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Rumble in a research note on Friday, July 24th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $25.00.

Rumble Trading Down 9.2%

The stock has a market capitalization of $3.38 billion, a P/E ratio of -11.58 and a beta of 1.25. The business’s fifty day simple moving average is $7.96 and its two-hundred day simple moving average is $7.13. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25.

Rumble (NASDAQ:RUM) last issued its earnings results on Monday, August 10th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $31.23 million. During the same period last year, the business earned ($0.12) earnings per share. The firm’s revenue for the quarter was up 61.0% compared to the same quarter last year. As a group, analysts forecast that Rumble Inc. will post -0.55 earnings per share for the current year.

Institutional Investors Weigh In On Rumble

Several institutional investors and hedge funds have recently made changes to their positions in RUM. Integrated Wealth Concepts LLC acquired a new position in Rumble in the second quarter worth $69,000. Corient Private Wealth LP acquired a new position in Rumble in the second quarter valued at about $164,000. Handelsbanken Fonder AB increased 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 purchasing an additional 10,900 shares in the last quarter. Cooper Creek Partners Management LLC increased its stake in Rumble by 54.1% during the 1st quarter. Cooper Creek Partners Management LLC now owns 5,242,497 shares of the company’s stock worth $26,737,000 after purchasing an additional 1,840,893 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of Rumble during the 1st quarter worth approximately $62,000. Institutional investors and hedge funds own 26.15% of the company’s stock.

About Rumble

Rumble Inc is a video-sharing and social media company that operates the Rumble platform, where users can upload, watch, livestream and share video content. The company also provides related tools for creators, including audience engagement and monetization services, and generates revenue through advertising, subscriptions and other digital offerings.

In addition to its consumer video platform, Rumble offers cloud infrastructure services through Rumble Cloud. These services are designed to support video hosting, storage, distribution and other online applications.