Rumble Inc. (NASDAQ:RUM – Get Free Report) shares saw unusually-high trading volume on Monday . Approximately 2,065,003 shares traded hands during mid-day trading, a decline of 27% from the previous session’s volume of 2,809,809 shares.The stock last traded at $9.3860 and had previously closed at $9.05.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on RUM shares. Wall Street Zen downgraded shares of Rumble from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rumble in a research report on Friday, July 24th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Rumble presently has an average rating of “Sell”.
Read Our Latest Stock Analysis on RUM
Rumble Stock Performance
Rumble (NASDAQ:RUM – Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.18). Rumble had a negative return on equity of 22.77% and a negative net margin of 134.60%.The business had revenue of $40.37 million for the quarter, compared to analyst estimates of $31.23 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. The firm’s revenue was up 61.0% compared to the same quarter last year. As a group, analysts forecast that Rumble Inc. will post -0.69 earnings per share for the current year.
Hedge Funds Weigh In On Rumble
Institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake 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 buying an additional 121,650 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Rumble during the 1st quarter worth about $163,000. JPMorgan Chase & Co. grew its stake in 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 buying an additional 37,333 shares during the last quarter. Legal & General Group Plc grew its stake in 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 buying an additional 41,490 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in Rumble in the 2nd quarter valued at about $1,041,000. 26.15% of the stock is currently owned by institutional investors and hedge funds.
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.
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