Rumble, Inc. (RUM) shares took a dip on Wednesday, following Tuesday night’s presidential debate between former President Donald Trump and Vice President Kamala Harris. While other Trump-linked stocks, including Trump Media & Technology Group Corp. (DJT) and Phunware, Inc. (PHUN), also experienced declines, Rumble’s performance presented a different story.
Despite the overall negative market sentiment surrounding Trump-related companies, Rumble managed to set multiple records during the debate. According to Streams Charts, the platform saw a record number of concurrent live viewers, concurrent creator streams, and peak bandwidth consumption. The debate peaked at 1,044,513 concurrent live viewers on Rumble, showcasing its growing user base and its ability to handle a significant surge in traffic.
Further bolstering its position, Rumble hosted 31 of the top 100 live streams in the United States during the debate, according to LiveSearch.app, accounting for 11.8% of viewers and 31% of streamers by network. This strong performance highlights Rumble’s growing influence in the live streaming space.
However, despite these impressive numbers, Rumble’s stock remains under pressure, declining over 11% in the past month and currently trading below its 50-day moving average of $6.04. This suggests that investors remain cautious about the company’s short-term prospects.
Looking ahead, Wall Street analysts have an average 12-month price target of $8 on Rumble. However, no analyst currently holds a positive rating on the stock, with two analysts maintaining neutral ratings and no negative ratings. This cautious outlook suggests that analysts are not yet convinced about Rumble’s ability to sustain its growth and translate its recent performance into sustained profitability.
Despite the mixed signals, Rumble’s strong performance during the debate highlights its growing audience and potential for future growth. Whether the stock can overcome its current challenges and trade higher remains to be seen, but its increasing popularity in the live streaming space suggests it has the potential to become a significant player in the digital media landscape.
