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.

Specifically, major shareholder Holdings S.A. De C.V. Tether bought 270,478 shares of Rumble stock in a transaction that occurred on Friday, November 21st. The shares were acquired at an average cost of $5.46 per share, for a total transaction of $1,476,809.88. Following the completion of the acquisition, the insider directly owned 104,397,003 shares of the company’s stock, valued at approximately $570,007,636.38. The trade was a 0.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Holdings S.A. De C.V. Tether purchased 440,000 shares of the stock in a transaction on Thursday, November 20th. The shares were purchased at an average price of $5.38 per share, with a total value of $2,367,200.00. Following the acquisition, the insider owned 104,126,525 shares in the company, valued at approximately $560,200,704.50. The trade was a 0.42% increase in their position. The SEC filing for this purchase provides additional information. In other news, major shareholder Holdings S.A. De C.V. Tether acquired 353,192 shares of Rumble stock in a transaction dated Wednesday, November 19th. The shares were bought at an average cost of $5.45 per share, with a total value of $1,924,896.40. Following the purchase, the insider 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 purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

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

Rumble Price Performance

The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -5.05 and a beta of 0.69. The business’s fifty day simple moving average is $6.94 and its 200 day simple moving average is $8.06.

Rumble (NASDAQ:RUM) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). The company had revenue of $24.76 million for the quarter, compared to the consensus estimate of $26.86 million. Rumble had a negative return on equity of 78.52% and a negative net margin of 275.47%.Rumble’s revenue was down 1.2% on a year-over-year basis. Equities research analysts expect that Rumble Inc. will post -0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Silver Oak Securities Incorporated raised its holdings in Rumble by 3.7% during the third quarter. Silver Oak Securities Incorporated now owns 38,939 shares of the company’s stock worth $282,000 after buying an additional 1,400 shares during the last quarter. Merit Financial Group LLC increased its position in shares of Rumble by 12.7% during the third quarter. Merit Financial Group LLC now owns 14,038 shares of the company’s stock worth $102,000 after acquiring an additional 1,577 shares in the last quarter. CWM LLC raised its holdings in shares of Rumble by 41.9% in the 2nd quarter. CWM LLC now owns 6,238 shares of the company’s stock worth $56,000 after acquiring an additional 1,843 shares during the last quarter. ProShare Advisors LLC lifted its position in Rumble by 12.9% in the 3rd quarter. ProShare Advisors LLC now owns 18,248 shares of the company’s stock valued at $132,000 after acquiring an additional 2,091 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Rumble by 0.4% in the 2nd quarter. Bank of America Corp DE now owns 637,500 shares of the company’s stock valued at $5,725,000 after acquiring an additional 2,678 shares in the last quarter. Institutional investors own 26.15% of the company’s stock.

Rumble Company Profile

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.