Wedbush Issues Pessimistic Forecast for Rumble (NASDAQ:RUM) Stock Price

Rumble (NASDAQ:RUM) had its target price reduced by research analysts at Wedbush from $13.00 to $10.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s price objective suggests a potential upside of 29.87% from the stock’s previous close.

Separately, Maxim Group assumed coverage on Rumble in a report on Wednesday, January 15th. They issued a “buy” rating and a $20.00 price objective on the stock.

Rumble Trading Down 1.7 %

Rumble stock opened at $7.70 on Wednesday. Rumble has a 12-month low of $4.92 and a 12-month high of $17.38. The stock has a market cap of $3.00 billion, a P/E ratio of -12.22 and a beta of 0.56. The company has a 50-day moving average price of $10.33 and a 200 day moving average price of $8.48.

Rumble (NASDAQ:RUM) last issued its quarterly earnings data on Tuesday, March 25th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($1.02). The company had revenue of $30.20 million during the quarter, compared to analysts’ expectations of $29.74 million. Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The business’s quarterly revenue was up 48.0% on a year-over-year basis. As a group, analysts forecast that Rumble will post -0.62 EPS for the current year.

Insider Buying and Selling

In other Rumble news, COO Tyler Hughes sold 312,727 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $7.50, for a total transaction of $2,345,452.50. Following the completion of the transaction, the chief operating officer now owns 65,127 shares in the company, valued at approximately $488,452.50. This represents a 82.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Wojciech Hlibowicki sold 3,817,165 shares of Rumble stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $7.50, for a total transaction of $28,628,737.50. Following the completion of the sale, the chief technology officer now directly owns 4,592 shares in the company, valued at approximately $34,440. The trade was a 99.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 41,104,017 shares of company stock valued at $308,280,128 over the last quarter. 70.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rumble

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc boosted its stake in shares of Rumble by 70.9% in the fourth quarter. IFP Advisors Inc now owns 2,000 shares of the company’s stock valued at $26,000 after buying an additional 830 shares in the last quarter. Coppell Advisory Solutions LLC purchased a new stake in shares of Rumble during the 4th quarter worth $35,000. Steward Partners Investment Advisory LLC boosted its position in shares of Rumble by 50.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,933 shares of the company’s stock worth $38,000 after purchasing an additional 980 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in shares of Rumble during the 4th quarter worth $65,000. Finally, Virtu Financial LLC purchased a new position in shares of Rumble in the 3rd quarter valued at about $70,000. Institutional investors and hedge funds own 26.15% of the company’s stock.

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.