Insider Buying: Rumble (NASDAQ:RUM) Major Shareholder Acquires 193,702 Shares of Stock

Rumble Inc. (NASDAQ:RUM) major shareholder Tether Global Investments Fund purchased 193,702 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were bought at an average cost of $5.49 per share, with a total value of $1,063,423.98. Following the acquisition, the insider directly owned 104,590,705 shares of the company’s stock, valued at $574,202,970.45. This trade represents a 0.19% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Tether Global Investments Fund also recently made the following trade(s):

• On Friday, February 6th, Tether Global Investments Fund acquired 44,355 shares of Rumble stock. The stock was bought at an average cost of $5.48 per share, for a total transaction of $243,065.40.
• On Thursday, February 5th, Tether Global Investments Fund acquired 538,955 shares of Rumble stock. The shares were bought at an average cost of $5.41 per share, for a total transaction of $2,915,746.55.

Rumble Trading Up 8.0%

Rumble stock traded up $0.43 during midday trading on Friday, hitting $5.78. The stock had a trading volume of 2,069,662 shares, compared to its average volume of 1,840,087. The firm’s fifty day moving average is $6.49 and its two-hundred day moving average is $7.07. The company has a market capitalization of $2.51 billion, a PE ratio of -4.31 and a beta of 0.69. Rumble Inc. has a 52-week low of $5.11 and a 52-week high of $13.82.

Rumble (NASDAQ:RUM) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The firm had revenue of $24.76 million for the quarter, compared to analysts’ expectations of $26.86 million. Rumble had a negative net margin of 275.47% and a negative return on equity of 78.52%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, equities research analysts predict that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Rumble in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $8.00.

Hedge Funds Weigh In On Rumble

Several hedge funds have recently modified their holdings of RUM. Meeder Asset Management Inc. bought a new position in shares of Rumble during the third quarter worth $28,000. Mather Group LLC. bought a new stake in Rumble in the 3rd quarter valued at $43,000. CWM LLC lifted its stake in Rumble by 41.9% in the 2nd quarter. CWM LLC now owns 6,238 shares of the company’s stock worth $56,000 after purchasing an additional 1,843 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in shares of Rumble during the 2nd quarter valued at about $72,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Rumble during the 2nd quarter valued at about $75,000. Hedge funds and other institutional investors own 26.15% of the company’s stock.

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.