Rumble (NASDAQ:RUM) Stock Price Down 8.3% – What’s Next?

Rumble Inc. (NASDAQ:RUM)’s share price was down 8.3% on Thursday. The company traded as low as $6.89 and last traded at $6.8940. Approximately 2,608,868 shares changed hands during trading, a decline of 20% from the average session volume of 3,265,275 shares. The stock had previously closed at $7.52.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RUM. Lake Street Capital started coverage on Rumble in a research report on Tuesday. They issued a “hold” rating and a $25.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Rumble in a research note on Friday, July 24th. Finally, Wall Street Zen cut Rumble from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rumble presently has an average rating of “Reduce” and a consensus price target of $25.00.

Rumble Stock Down 9.2%

The stock has a fifty day moving average of $7.96 and a two-hundred day moving average of $7.13. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -11.58 and a beta of 1.25.

Rumble (NASDAQ:RUM) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.18). Rumble had a negative net margin of 134.60% and a negative return on equity of 22.77%. The firm had revenue of $40.37 million during the quarter, compared to analyst estimates of $31.23 million. During the same period in the prior year, the firm earned ($0.12) earnings per share. The business’s revenue for the quarter was up 61.0% on a year-over-year basis. As a group, analysts predict that Rumble Inc. will post -0.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Cooper Creek Partners Management LLC grew its position in shares of Rumble by 54.1% during the first quarter. Cooper Creek Partners Management LLC now owns 5,242,497 shares of the company’s stock worth $26,737,000 after buying an additional 1,840,893 shares in the last quarter. Sigma Planning Corp boosted its holdings in shares of Rumble by 2.1% during the first quarter. Sigma Planning Corp now owns 162,699 shares of the company’s stock valued at $830,000 after acquiring an additional 3,349 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of Rumble during the second quarter valued at approximately $69,000. Corient Private Wealth LP bought a new position in shares of Rumble in the second quarter worth $164,000. Finally, Handelsbanken Fonder AB increased its position in shares of Rumble by 38.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 39,500 shares of the company’s stock valued at $250,000 after purchasing an additional 10,900 shares during the period. Institutional investors and hedge funds own 26.15% of the company’s stock.

Rumble Company Profile

Rumble Inc is a video-sharing and social media company that operates the Rumble platform, where users can upload, watch, livestream and share video content. The company also provides related tools for creators, including audience engagement and monetization services, and generates revenue through advertising, subscriptions and other digital offerings.

In addition to its consumer video platform, Rumble offers cloud infrastructure services through Rumble Cloud. These services are designed to support video hosting, storage, distribution and other online applications.