Rumble (NASDAQ:RUM) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Rumble (NASDAQ:RUM) posted its quarterly earnings results on Monday. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01), Zacks reports. The company had revenue of $24.76 million during the quarter, compared to analysts’ expectations of $26.86 million. Rumble had a negative return on equity of 89.02% and a negative net margin of 275.47%.The business’s quarterly revenue was down 1.2% on a year-over-year basis.

Rumble Price Performance

Shares of NASDAQ:RUM traded down $0.11 during trading on Wednesday, hitting $6.04. 1,710,909 shares of the company’s stock were exchanged, compared to its average volume of 3,052,631. The business’s 50-day simple moving average is $7.25 and its 200 day simple moving average is $8.21. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -4.51 and a beta of 0.69. Rumble has a 52-week low of $5.25 and a 52-week high of $17.40.

Institutional Investors Weigh In On Rumble

A number of institutional investors have recently added to or reduced their stakes in RUM. Royal Bank of Canada increased its stake in Rumble by 136.7% in the 1st quarter. Royal Bank of Canada now owns 210,665 shares of the company’s stock worth $1,490,000 after acquiring an additional 121,650 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Rumble during the 1st quarter worth approximately $163,000. JPMorgan Chase & Co. boosted its stake in shares of Rumble by 24,888.7% during the second quarter. JPMorgan Chase & Co. now owns 37,483 shares of the company’s stock valued at $337,000 after purchasing an additional 37,333 shares during the period. Legal & General Group Plc grew its stake in Rumble by 82.4% in the second quarter. Legal & General Group Plc now owns 91,844 shares of the company’s stock worth $825,000 after purchasing an additional 41,490 shares in the last quarter. Finally, Rhumbline Advisers bought a new position in shares of Rumble during the 2nd quarter worth $1,041,000. 26.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wall Street Zen lowered Rumble from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rumble in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rumble has a consensus rating of “Hold” and an average target price of $14.00.

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.