Rumble (NASDAQ:RUM) Coverage Initiated at Maxim Group

Research analysts at Maxim Group assumed coverage on shares of Rumble (NASDAQ:RUM) in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage set a “buy” rating and a $20.00 price target on the stock. Maxim Group’s price objective points to a potential upside of 63.27% from the stock’s current price.

Separately, Wedbush reissued a “neutral” rating and set a $8.00 price target on shares of Rumble in a research report on Wednesday, November 13th.

Rumble Trading Up 12.6 %

Shares of RUM stock opened at $12.25 on Wednesday. The business’s 50-day moving average price is $9.09 and its 200-day moving average price is $6.96. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of -19.44 and a beta of 0.52. Rumble has a 12 month low of $3.37 and a 12 month high of $17.40.

Rumble (NASDAQ:RUM) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $25.06 million for the quarter, compared to the consensus estimate of $29.25 million. During the same period last year, the company posted ($0.14) EPS. On average, sell-side analysts predict that Rumble will post -0.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert Arsov sold 29,988 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $6.90, for a total transaction of $206,917.20. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 114,988 shares of company stock worth $701,617 in the last quarter. 72.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in Rumble by 14.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,035,718 shares of the company’s stock valued at $5,553,000 after acquiring an additional 130,956 shares during the period. MML Investors Services LLC bought a new position in Rumble in the 3rd quarter worth approximately $185,000. Janus Henderson Group PLC purchased a new position in Rumble during the 3rd quarter valued at approximately $184,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Rumble by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,317 shares of the company’s stock worth $2,564,000 after buying an additional 24,879 shares during the last quarter. Finally, FMR LLC increased its position in shares of Rumble by 995.3% during the 3rd quarter. FMR LLC now owns 22,387 shares of the company’s stock valued at $120,000 after purchasing an additional 20,343 shares during the last quarter. Hedge funds and other 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.