Wedbush Has Bearish Estimate for RumbleOn FY2024 Earnings

RumbleOn, Inc. (NASDAQ:RMBL) – Wedbush decreased their FY2024 EPS estimates for shares of RumbleOn in a research note issued to investors on Wednesday, November 13th. Wedbush analyst S. Basham now forecasts that the company will earn ($0.89) per share for the year, down from their previous estimate of ($0.48). Wedbush has a “Outperform” rating and a $5.00 price objective on the stock. The consensus estimate for RumbleOn’s current full-year earnings is ($0.55) per share. Wedbush also issued estimates for RumbleOn’s Q4 2024 earnings at ($0.26) EPS, FY2025 earnings at ($0.28) EPS and FY2026 earnings at $0.22 EPS.

Separately, B. Riley dropped their target price on RumbleOn from $9.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday.

RumbleOn Price Performance

Shares of NASDAQ:RMBL opened at $5.49 on Friday. The firm has a market cap of $193.92 million, a price-to-earnings ratio of -0.65 and a beta of 2.08. RumbleOn has a 1 year low of $3.13 and a 1 year high of $8.84. The company has a current ratio of 1.12, a quick ratio of 0.27 and a debt-to-equity ratio of 2.23. The business has a fifty day simple moving average of $4.91 and a 200 day simple moving average of $4.77.

Institutional Investors Weigh In On RumbleOn

A number of large investors have recently bought and sold shares of RMBL. Rhumbline Advisers raised its holdings in RumbleOn by 3,910.5% during the second quarter. Rhumbline Advisers now owns 19,772 shares of the company’s stock valued at $81,000 after buying an additional 19,279 shares in the last quarter. Virtu Financial LLC acquired a new stake in RumbleOn in the 1st quarter worth approximately $90,000. Barclays PLC boosted its position in RumbleOn by 278.7% during the third quarter. Barclays PLC now owns 21,278 shares of the company’s stock worth $102,000 after purchasing an additional 15,660 shares during the period. Dimensional Fund Advisors LP grew its holdings in RumbleOn by 35.9% during the second quarter. Dimensional Fund Advisors LP now owns 29,182 shares of the company’s stock valued at $120,000 after purchasing an additional 7,704 shares during the last quarter. Finally, Magnus Financial Group LLC acquired a new position in RumbleOn during the second quarter valued at approximately $127,000. 66.14% of the stock is currently owned by institutional investors.

RumbleOn Company Profile

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products.