Rumble (NASDAQ:RUM) Announces Quarterly Earnings Results

Rumble (NASDAQ:RUM) announced its quarterly earnings data 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 for 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 company’s quarterly revenue was down 1.2% on a year-over-year basis.

Rumble Price Performance

Shares of NASDAQ RUM traded down $0.16 during trading hours on Wednesday, hitting $5.98. 1,781,672 shares of the company’s stock were exchanged, compared to its average volume of 3,052,918. The company’s 50-day moving average price is $7.25 and its 200-day moving average price is $8.21. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of -4.47 and a beta of 0.69. Rumble has a 1-year low of $5.25 and a 1-year high of $17.40.

Institutional Trading of Rumble

A number of hedge funds have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in shares of 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 acquiring an additional 121,650 shares during the period. AQR Capital Management LLC acquired a new stake in Rumble during the first quarter valued at approximately $163,000. JPMorgan Chase & Co. grew its stake in shares of Rumble by 24,888.7% in the 2nd 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 shares of Rumble by 82.4% in the 2nd quarter. Legal & General Group Plc now owns 91,844 shares of the company’s stock valued at $825,000 after purchasing an additional 41,490 shares during the period. Finally, Rhumbline Advisers acquired a new position in shares of Rumble in the 2nd quarter worth approximately $1,041,000. Institutional investors own 26.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RUM. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rumble in a report on Wednesday, October 8th. Wall Street Zen cut shares of Rumble from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock 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.