Rumble (NASDAQ:RUM) Stock Price Up 8.4% After Insider Buying Activity

Rumble Inc. (NASDAQ:RUM)’s share price shot up 8.4% on Monday after an insider bought additional shares in the company. The company traded as high as $6.30 and last traded at $6.2650. 1,220,371 shares traded hands during trading, a decline of 38% from the average session volume of 1,952,790 shares. The stock had previously closed at $5.78.

Specifically, major shareholder Tether Global Investments Fund acquired 44,355 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was bought at an average price of $5.48 per share, for a total transaction of $243,065.40. Following the acquisition, the insider directly owned 105,174,015 shares of the company’s stock, valued at approximately $576,353,602.20. The trade was a 0.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Tether Global Investments Fund bought 538,955 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The shares were bought at an average price of $5.41 per share, for a total transaction of $2,915,746.55. Following the acquisition, the insider directly owned 105,129,660 shares of the company’s stock, valued at $568,751,460.60. This represents a 0.52% increase in their position. The disclosure for this purchase is available in the SEC filing. In related news, major shareholder Tether Global Investments Fund purchased 193,702 shares of Rumble stock in a transaction that occurred on Tuesday, February 3rd. The stock was purchased at an average cost of $5.49 per share, with a total value of $1,063,423.98. Following the completion of the transaction, the insider owned 104,590,705 shares of the company’s stock, valued at approximately $574,202,970.45. This trade represents a 0.19% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Rumble in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rumble currently has an average rating of “Reduce” and an average price target of $8.00.

Rumble Trading Up 1.3%

The company has a market capitalization of $2.75 billion, a P/E ratio of -4.72 and a beta of 0.69. The company has a 50 day moving average price of $6.46 and a 200 day moving average price of $6.99.

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 analysts’ consensus estimates of ($0.07) by ($0.01). Rumble had a negative net margin of 275.47% and a negative return on equity of 78.52%. The business had revenue of $24.76 million during the quarter, compared to the consensus estimate of $26.86 million. The business’s revenue was down 1.2% on a year-over-year basis. As a group, sell-side analysts forecast that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Institutional Trading of Rumble

Hedge funds and other institutional investors have recently modified their holdings of the stock. Meeder Asset Management Inc. acquired a new position in Rumble in the 3rd quarter valued at about $28,000. Mather Group LLC. acquired a new stake in Rumble during the third quarter worth approximately $43,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Rumble during the fourth quarter worth approximately $47,000. CWM LLC grew its position in shares of Rumble by 41.9% in the second quarter. CWM LLC now owns 6,238 shares of the company’s stock valued at $56,000 after purchasing an additional 1,843 shares during the last quarter. Finally, Ameritas Investment Partners Inc. acquired a new position in shares of Rumble in the second quarter valued at approximately $72,000. Institutional investors own 26.15% of the company’s stock.

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.