Oppenheimer Reiterates Perform Rating on Rumble, Inc. (RUM)

Oppenheimer analyst Jason Helfstein reiterated a Perform rating and {REMOVEPT} price target on Rumble, Inc. (NASDAQ: RUM)

The analyst comments: "Friday post-close, RUM announced $775M equity investment from stablecoin operator Tether, with $250M in newly issued shares at $7.50 for growth capital. Furthermore, tender provides insiders an effective diversification without affecting share price. In our view, RUM selling primary shares at attractive valuation to further bolster balance sheet, without a meaningful change in strategy, should alleviate investor concerns related to liquidity before reaching positive FCF. In conjunction with RUM's previously announced plan to purchase <$20M of Bitcoin, this should bolster interest around crypto content/ads. While Tether may collaborate with RUM on 3P cloud offering in the future, nothing was announced as part of this investment. Maintaining Perform on valuation (27x FY25E sales vs. PINS/SNAP's 4x) ahead of more robust advertising/subscription sales."

For an analyst ratings summary and ratings history on Rumble, Inc. click here. For more ratings news on Rumble, Inc. click here.

Shares of Rumble, Inc. closed at $7.19 yesterday.

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