Rumble (NASDAQ:RUM) Stock Sold Off Sen. David McCormick

Senator David McCormick (R-Pennsylvania) recently sold shares of Rumble Inc. (NASDAQ:RUM). In a filing disclosed on February 09th, the Senator disclosed that they had sold between $1,000,001 and $5,000,000 in Rumble stock on January 16th.

Rumble Stock Down 3.9 %

Rumble stock opened at $12.25 on Tuesday. The business’s 50-day moving average price is $11.22 and its 200 day moving average price is $7.74. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of -19.44 and a beta of 0.50. Rumble Inc. has a 52 week low of $4.92 and a 52 week high of $17.40.

Rumble (NASDAQ:RUM) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The business had revenue of $25.06 million during the quarter, compared to analyst estimates of $29.25 million. During the same period in the previous year, the business posted ($0.14) earnings per share. Equities analysts expect that Rumble Inc. will post -0.62 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in Rumble by 14.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock worth $5,553,000 after purchasing an additional 130,956 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Rumble during the fourth quarter worth approximately $468,000. MML Investors Services LLC acquired a new stake in Rumble in the third quarter valued at approximately $185,000. Janus Henderson Group PLC acquired a new stake in Rumble in the third quarter valued at approximately $184,000. Finally, Oppenheimer & Co. Inc. purchased a new position in Rumble in the fourth quarter worth approximately $340,000. Hedge funds and other institutional investors own 26.15% of the company’s stock.

Insiders Place Their Bets

In related news, Director Robert Arsov sold 29,988 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $6.90, for a total transaction of $206,917.20. Following the completion of the sale, the director now owns 12,487,349 shares in the company, valued at $86,162,708.10. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 70.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RUM has been the subject of several research reports. Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Rumble in a research note on Wednesday, November 13th. Maxim Group started coverage on Rumble in a research report on Wednesday, January 15th. They issued a “buy” rating and a $20.00 price target for the company.

About Senator McCormick

David McCormick (Republican Party) is a member of the U.S. Senate from Pennsylvania. He assumed office on January 3, 2025. His current term ends on January 3, 2031.

McCormick (Republican Party) ran for election to the U.S. Senate to represent Pennsylvania. He won in the general election on November 5, 2024.

David McCormick was born in Washington, Pennsylvania, and lives in Pennsylvania. He served in the U.S. Army 82nd Airborne Division as a paratrooper, during which time he was deployed to the Middle East during the First Gulf War and reached the rank of Captain. McCormick received his bachelor’s degree in mechanical engineering from the United States Military Academy at West Point and his Ph.D. in international affairs from Princeton University. His professional experience includes working as the CEO of a tech startup and of Bridgewater Associates, an investment management firm, and under secretary in both the Department of Commerce and the Department of the Treasury.

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.