Why is the NASDAQ:RUM stock price up 15% today?

By:
on Mar 27, 2024
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  • The stock price of conservative video sharing platform Rumble (NASDAQ:RUM) is up 15.4% today.
  • It's also up more than 98% for this year to date so far. But why?
  • We look into the latest Rumble news and social media activity.

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Video platform stock Rumble (NASDAQ:RUM) has been on a roll for the past 24 hours, its stock price trading 15.42% higher by market close on Tuesday March 26th.

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This was just hours after the Trump Media & Technology Group debuted on the Nasdaq stock exchange yesterday, which Rumble has a partnership with.

In fact, Chris Pavlovski, CEO of Rumble, congratulated Trump’s new company on X yesterday, which he called “one of our largest cloud sponsors and advertising publishers”.

Rumble stock price up almost 100%

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Rumble has also been in the news recently for offering to buy the ownership of TikTok in the United States, amidst a looming potential ban of the social media platform by Republican representatives.

At the time of this article going to press, Rumble’s stock price was trading at $8.61 per ordinary share.

It is also up almost 100% this year to date, at 98.39% higher since 1 January at the time of this article going to press.

Rumble earnings

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However, a second likely reason for the sudden spike in Rumble’s share price is the fact that the company is to report quarterly earnings today, after market close.

Analysts are bullish on the earnings, despite the fact that forecasts are broadly predicting an EPS of -22 cents per share.

Broadly, they are expecting revenues to have experienced a significant uptick in Q4, totaling around $28 million.

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