Rumble (NASDAQ:RUM) Stock Price Up 11.8% After Analyst Upgrade

Rumble Inc. (NASDAQ:RUM) shares rose 11.8% during mid-day trading on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $5.76 and last traded at $5.7140. Approximately 2,337,631 shares were traded during trading, a decline of 29% from the average session volume of 3,295,880 shares. The stock had previously closed at $5.11.

RUM has been the subject of several other research reports. Wall Street Zen lowered shares of Rumble from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rumble in a report on Thursday, October 22nd. Finally, Lake Street Capital started coverage on shares of Rumble in a research report on Tuesday, October 6th. They issued a “hold” rating and a $25.00 price target on the stock. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rumble has an average rating of “Reduce” and a consensus price target of $25.00.

Institutional Trading of Rumble

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cooper Creek Partners Management LLC lifted its holdings in shares of Rumble by 54.1% in the 1st quarter. Cooper Creek Partners Management LLC now owns 5,242,497 shares of the company’s stock worth $26,737,000 after purchasing an additional 1,840,893 shares during the last quarter. State Street Corp grew its stake in Rumble by 13.7% during the 3rd quarter. State Street Corp now owns 3,288,863 shares of the company’s stock worth $24,864,000 after buying an additional 395,734 shares during the last quarter. Bank of New York Mellon Corp increased its position in Rumble by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 322,245 shares of the company’s stock worth $1,643,000 after buying an additional 1,475 shares during the period. Sigma Planning Corp increased its position in Rumble by 2.1% in the first quarter. Sigma Planning Corp now owns 162,699 shares of the company’s stock worth $830,000 after buying an additional 3,349 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Rumble by 21.8% in the third quarter. Russell Investments Group Ltd. now owns 72,661 shares of the company’s stock worth $549,000 after buying an additional 12,989 shares during the period. 26.15% of the stock is currently owned by institutional investors and hedge funds.

Rumble Trading Down 4.2%

The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The business has a 50 day simple moving average of $6.87 and a 200-day simple moving average of $6.67.

Rumble (NASDAQ:RUM) last announced its quarterly earnings results on Wednesday, November 11th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.08). The firm had revenue of $96.58 million for the quarter, compared to analyst estimates of $89.00 million. Rumble had a negative net margin of 117.18% and a negative return on equity of 28.72%. The business’s revenue was up 289.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) EPS. As a group, analysts predict that Rumble Inc. will post -0.55 EPS for the current year.

About Rumble

Rumble Inc. operates a video-sharing platform where users can upload, watch and share videos. The company also offers live-streaming tools and services that help creators publish and monetize content, including through advertising and subscriptions. Founded in 2013 by Chris Pavlovski, Rumble has expanded beyond video distribution into cloud computing. Its Rumble Cloud business provides infrastructure services to organizations seeking alternatives to larger cloud providers. The company serves creators, viewers and business customers in multiple countries, with a substantial presence in North America.