Rumble Inc. (NASDAQ:RUM) Short Interest Up 21.5% in February

Rumble Inc. (NASDAQ:RUM) saw a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 27,748,557 shares, an increase of 21.5% from the February 12th total of 22,835,738 shares. Approximately 21.3% of the company’s stock are short sold. Based on an average daily trading volume, of 1,541,109 shares, the days-to-cover ratio is presently 18.0 days. Based on an average daily trading volume, of 1,541,109 shares, the days-to-cover ratio is presently 18.0 days. Approximately 21.3% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Rumble in a report on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $8.00.

Insider Activity

In other news, major shareholder Tether Global Investments Fund bought 538,955 shares of Rumble stock in a transaction on Thursday, February 5th. The stock was acquired at an average cost of $5.41 per share, for a total transaction of $2,915,746.55. Following the completion of the acquisition, the insider owned 105,129,660 shares of the company’s stock, valued at $568,751,460.60. This trade represents a 0.52% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders acquired 777,012 shares of company stock valued at $4,222,236. Company insiders own 70.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its position in Rumble by 136.7% during the 1st quarter. Royal Bank of Canada now owns 210,665 shares of the company’s stock worth $1,490,000 after purchasing an additional 121,650 shares during the period. AQR Capital Management LLC acquired a new position in Rumble during the first quarter worth about $163,000. ProShare Advisors LLC purchased a new stake in Rumble in the 2nd quarter valued at approximately $145,000. Geode Capital Management LLC lifted its position in shares of Rumble by 57.3% in the second quarter. Geode Capital Management LLC now owns 2,373,070 shares of the company’s stock valued at $21,313,000 after acquiring an additional 864,677 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey purchased a new position in Rumble in the 2nd quarter valued at about $162,000. 26.15% of the stock is owned by hedge funds and other institutional investors.

Rumble Stock Performance

Rumble stock opened at $5.37 on Tuesday. The firm has a 50 day moving average price of $5.87 and a 200 day moving average price of $6.58. Rumble has a fifty-two week low of $4.67 and a fifty-two week high of $10.99. The company has a market capitalization of $2.34 billion, a PE ratio of -16.78 and a beta of 0.70.

Rumble (NASDAQ:RUM) last posted its quarterly earnings data on Thursday, March 5th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $27.07 million for the quarter, compared to analysts’ expectations of $27.09 million. Rumble had a negative return on equity of 39.76% and a negative net margin of 81.32%.The firm’s revenue was down 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.15) EPS. As a group, equities research analysts forecast that Rumble will post -0.62 earnings per share for the current year.

Rumble Company Profile

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.