Insider Buying: Rumble (NASDAQ:RUM) Major Shareholder Acquires 538,955 Shares of Stock

Rumble Inc. (NASDAQ:RUM) major shareholder Tether Global Investments Fund bought 538,955 shares of Rumble stock in a transaction that occurred on Thursday, February 5th. The stock was purchased at an average cost of $5.41 per share, for a total transaction of $2,915,746.55. Following the acquisition, the insider owned 105,129,660 shares of the company’s stock, valued at $568,751,460.60. This represents a 0.52% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Friday, February 6th, Tether Global Investments Fund purchased 44,355 shares of Rumble stock. The shares were purchased at an average price of $5.48 per share, with a total value of $243,065.40.
• On Tuesday, February 3rd, Tether Global Investments Fund acquired 193,702 shares of Rumble stock. The stock was purchased at an average cost of $5.49 per share, for a total transaction of $1,063,423.98.

Rumble Price Performance

Shares of Rumble stock traded up $0.43 during trading on Friday, hitting $5.78. 2,069,662 shares of the stock were exchanged, compared to its average volume of 1,840,087. The firm’s 50-day moving average price is $6.49 and its 200 day moving average price is $7.07. Rumble Inc. has a 12-month low of $5.11 and a 12-month high of $13.82.

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

Analysts Set New Price Targets

Separately, Weiss Ratings restated 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 given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $8.00.

Institutional Trading of Rumble

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its holdings in shares of Rumble by 136.7% in the 1st quarter. Royal Bank of Canada now owns 210,665 shares of the company’s stock valued at $1,490,000 after purchasing an additional 121,650 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Rumble in the first quarter valued at approximately $163,000. KLP Kapitalforvaltning AS boosted its holdings in shares of Rumble by 46.2% in the second quarter. KLP Kapitalforvaltning AS now owns 15,500 shares of the company’s stock valued at $139,000 after acquiring an additional 4,900 shares during the period. CWM LLC boosted its holdings in shares of Rumble by 41.9% in the second quarter. CWM LLC now owns 6,238 shares of the company’s stock valued at $56,000 after acquiring an additional 1,843 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Rumble during the second quarter worth approximately $279,000. Institutional investors and hedge funds 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.