Rumble (NASDAQ:RUM) Shares Gap Down on Disappointing Earnings
by Renee Jackson · The Cerbat GemShares of Rumble Inc. (NASDAQ:RUM – Get Free Report) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $8.17, but opened at $7.25. Rumble shares last traded at $7.4060, with a volume of 1,076,606 shares traded.
The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). Rumble had a negative return on equity of 39.76% and a negative net margin of 81.32%.The firm had revenue of $25.46 million during the quarter, compared to analysts’ expectations of $25.98 million. During the same quarter in the previous year, the business earned ($0.01) earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings upgraded shares of Rumble from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Rumble has an average rating of “Sell”.
Get Our Latest Analysis on Rumble
Institutional Investors Weigh In On Rumble
Several hedge funds have recently bought and sold shares of the stock. Neo Ivy Capital Management purchased a new position in shares of Rumble during the 3rd quarter valued at approximately $1,563,000. Monaco Asset Management SAM acquired a new position in shares of Rumble in the 3rd quarter valued at $724,000. Vanguard Group Inc. boosted its holdings in Rumble by 1.4% during the third quarter. Vanguard Group Inc. now owns 8,934,542 shares of the company’s stock worth $64,686,000 after buying an additional 122,788 shares in the last quarter. Arete Wealth Advisors LLC acquired a new stake in Rumble during the third quarter valued at $136,000. Finally, Rhumbline Advisers grew its position in Rumble by 15.5% during the third quarter. Rhumbline Advisers now owns 133,839 shares of the company’s stock valued at $969,000 after buying an additional 17,923 shares during the period. Hedge funds and other institutional investors own 26.15% of the company’s stock.
Rumble Price Performance
The business’s fifty day simple moving average is $5.97 and its two-hundred day simple moving average is $6.18. The company has a market cap of $3.32 billion, a PE ratio of -23.98 and a beta of 1.02.
Rumble Company Profile
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.