Rumble (NASDAQ:RUM) Shares Gap Up on Insider Buying Activity

Rumble Inc. (NASDAQ:RUM)’s stock price gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $5.69, but opened at $6.00. Rumble shares last traded at $6.3210, with a volume of 1,520,808 shares traded.

Specifically, major shareholder Holdings S.A. De C.V. Tether bought 270,478 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was acquired at an average cost of $5.46 per share, with a total value of $1,476,809.88. Following the completion of the acquisition, the insider owned 104,397,003 shares of the company’s stock, valued at approximately $570,007,636.38. This represents a 0.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holdings S.A. De C.V. Tether acquired 440,000 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was acquired at an average cost of $5.38 per share, for a total transaction of $2,367,200.00. Following the completion of the transaction, the insider directly owned 104,126,525 shares in the company, valued at $560,200,704.50. This represents a 0.42% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In other Rumble news, major shareholder Holdings S.A. De C.V. Tether purchased 353,192 shares of the stock in a transaction dated Wednesday, November 19th. The shares were purchased at an average cost of $5.45 per share, with a total value of $1,924,896.40. Following the completion of the acquisition, the insider directly owned 103,686,525 shares in the company, valued at $565,091,561.25. This trade represents a 0.34% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of Rumble from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Rumble in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Rumble currently has an average rating of “Hold” and a consensus target price of $14.00.

Rumble Stock Performance

The company has a market cap of $2.75 billion, a P/E ratio of -4.72 and a beta of 0.69. The firm’s fifty day moving average is $6.98 and its two-hundred day moving average is $8.09.

Rumble (NASDAQ:RUM) last posted 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). Rumble had a negative return on equity of 78.52% and a negative net margin of 275.47%.The business had revenue of $24.76 million during the quarter, compared to the consensus estimate of $26.86 million. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities research analysts expect that Rumble Inc. will post -0.62 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new position in shares of Rumble in the 1st quarter worth $2,379,000. Sigma Planning Corp grew its position in Rumble by 752.0% in the second quarter. Sigma Planning Corp now owns 189,615 shares of the company’s stock worth $1,703,000 after acquiring an additional 167,360 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in Rumble during the second quarter worth approximately $494,000. Vanguard Group Inc. raised its position in Rumble by 20.2% during the first quarter. Vanguard Group Inc. now owns 9,585,466 shares of the company’s stock valued at $67,769,000 after purchasing an additional 1,612,891 shares during the period. Finally, KLP Kapitalforvaltning AS lifted its stake in shares of Rumble by 46.2% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 15,500 shares of the company’s stock valued at $139,000 after purchasing an additional 4,900 shares during the last quarter. 26.15% of the stock is currently owned by institutional investors.

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.