What's Going On With Rumble Stock Tuesday?
Portfolio Pulse from Adam Eckert
Rumble Inc (NASDAQ:RUM) shares are volatile after reporting better-than-expected Q2 results. Revenue was $22.469 million, beating estimates of $19.69 million, and the loss per share was 13 cents, better than the expected 15 cents. Despite a year-over-year revenue decline, the company saw a 27% sequential increase and a rise in average monthly active users to 53 million. Rumble also set new records for concurrent livestream viewers during the first presidential debate. The company ended the quarter with $154.2 million in cash and marketable securities. Wedbush reiterated a Neutral rating with an $8 price target.
August 13, 2024 | 3:06 pm
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Rumble Inc reported better-than-expected Q2 results, with revenue of $22.469 million and a loss per share of 13 cents, both beating analyst estimates. The company saw a 27% sequential revenue increase and a rise in average monthly active users to 53 million. Despite a year-over-year revenue decline, the stock showed volatility, trading up to $6.30 before pulling back to $5.96. Wedbush reiterated a Neutral rating with an $8 price target.
Rumble's better-than-expected Q2 results and increase in average monthly active users are positive indicators. The stock's volatility suggests investor interest, and the maintained Neutral rating with an $8 price target by Wedbush provides a balanced outlook. The sequential revenue increase and strong user metrics are likely to support short-term price appreciation.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100