What's Going On With Rumble Stock?

Rumble Inc. RUM on Friday announced the release of its new Xbox app. 

The Details:

Rumble said the app is supported on all of Microsoft Corp.'s MSFT Xbox devices starting with 2013 third-generation models. The app allows users to access and watch Rumble's video content on their televisions, and outbound in-console streaming will be available through future updates.

“The launch of the Rumble app on Xbox is an exciting expansion of our video distribution capabilities, which further bolsters the independent creator economy while also providing an enhanced experience for our viewers,” commented Chris Pavlovski, CEO of Rumble.

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Rumble shares gained more than 20% last Monday after former President Donald Trump selected Sen. J.D. Vance (R-Ohio) as his running mate. Vance co-founded Narya Capital which led a major investment in Rumble in 2021, per The Wall Street Journal.

Last week, Wedbush analyst Scott Devitt initiated coverage on Rumble with a Neutral rating and an $8 price target.

Rumble is set to report its second-quarter results on Aug. 12 after the closing bell. According to estimates from Benzinga Pro, analysts expect the company to report losses of 15 cents per share and quarterly revenue of $19.69 million. Rumble missed both earnings and revenue estimates in its last quarterly report. 

RUM Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations.

RUM Price Action: According to Benzinga Pro, Rumble shares are flat at $6.62 at the time of publication Friday.

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