Rumble (NASDAQ:RUM) Shares Gap Down to $8.50

Rumble Inc. (NASDAQ:RUM) gapped down prior to trading on Thursday . The stock had previously closed at $8.50, but opened at $8.00. Rumble shares last traded at $7.92, with a volume of 1,259,284 shares.

Analysts Set New Price Targets

Separately, Oppenheimer reaffirmed a “market perform” rating on shares of Rumble in a report on Thursday.

Rumble Trading Down 2.7 %

The business has a fifty day moving average of $6.88 and a two-hundred day moving average of $5.61. The company has a market cap of $3.19 billion, a price-to-earnings ratio of -19.58 and a beta of 0.77.

Rumble (NASDAQ:RUM) last announced its earnings results on Wednesday, March 27th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.08. Rumble had a negative return on equity of 30.48% and a negative net margin of 109.39%. The business had revenue of $20.39 million during the quarter, compared to analysts’ expectations of $28.13 million. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. On average, research analysts forecast that Rumble Inc. will post -0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Rumble

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its position in shares of Rumble by 7.9% in the third quarter. Bank of New York Mellon Corp now owns 35,392 shares of the company’s stock valued at $181,000 after purchasing an additional 2,581 shares in the last quarter. Private Advisor Group LLC grew its position in shares of Rumble by 39.0% in the third quarter. Private Advisor Group LLC now owns 44,877 shares of the company’s stock valued at $229,000 after purchasing an additional 12,596 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Rumble by 69.8% in the third quarter. Janney Montgomery Scott LLC now owns 109,126 shares of the company’s stock worth $557,000 after acquiring an additional 44,863 shares during the period. Sigma Planning Corp grew its position in Rumble by 26.8% in the third quarter. Sigma Planning Corp now owns 24,341 shares of the company’s stock worth $124,000 after acquiring an additional 5,150 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Rumble by 5.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,378 shares of the company’s stock worth $247,000 after purchasing an additional 2,413 shares in the last quarter. 26.15% of the stock is currently owned by hedge funds and other institutional investors.

About Rumble

Rumble Inc operates video sharing platforms in the United States, Canada, and internationally. The company operates rumble.com, a 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. It also operates locals.com, a subscription platform for creators and subscribers to engage through VOD, podcasts, live chat, polls, and community discussions; and Rumble Advertising Center (RAC), an online advertising management exchange.