Rumble (NASDAQ:RUM) Stock Price Down 5.7% – Here’s What Happened

Rumble Inc. (NASDAQ:RUM) shares dropped 5.7% during trading on Monday . The company traded as low as $8.42 and last traded at $8.4650. 532,354 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 2,900,469 shares. The stock had previously closed at $8.98.

Analyst Upgrades and Downgrades

RUM has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Rumble in a research note on Friday, July 24th. Wall Street Zen cut Rumble from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Rumble Price Performance

The company has a market cap of $4.24 billion, a P/E ratio of -14.51 and a beta of 1.14. The company’s 50-day moving average price is $6.81 and its two-hundred day moving average price is $6.62. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25.

Rumble (NASDAQ:RUM) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.18). Rumble had a negative return on equity of 22.77% and a negative net margin of 134.60%.The firm had revenue of $40.37 million during the quarter, compared to analyst estimates of $31.23 million. During the same quarter last year, the business posted ($0.12) earnings per share. The firm’s revenue for the quarter was up 61.0% on a year-over-year basis. As a group, sell-side analysts expect that Rumble Inc. will post -0.55 earnings per share for the current year.

Institutional Investors Weigh In On Rumble

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of Rumble by 0.5% during the 1st quarter. Bank of New York Mellon Corp now owns 322,245 shares of the company’s stock worth $1,643,000 after purchasing an additional 1,475 shares during the period. Cetera Investment Advisers boosted its position in Rumble by 9.5% during the 4th quarter. Cetera Investment Advisers now owns 23,396 shares of the company’s stock valued at $148,000 after purchasing an additional 2,032 shares during the period. Bank of America Corp DE grew its stake in Rumble by 0.4% during the 2nd quarter. Bank of America Corp DE now owns 637,500 shares of the company’s stock worth $5,725,000 after buying an additional 2,678 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Rumble by 47.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 9,254 shares of the company’s stock worth $58,000 after buying an additional 2,993 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in Rumble by 3.3% in the third quarter. Alliancebernstein L.P. now owns 94,058 shares of the company’s stock valued at $681,000 after buying an additional 3,008 shares during the last quarter. 26.15% of the stock is owned by institutional investors and hedge funds.

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.