Why Rumble Inc. (RUM) Is Skyrocketing

We recently compiled a list of the 10 Firms Shine Amid Wall Street’s Lackluster Trading. In this article, we are going to take a look at where Rumble Inc. (NASDAQ:RUM) stands against the other stocks.

A lackluster trading persisted throughout Thursday, with Wall Street’s main indices ending the day with only marginal changes.

The Dow Jones Industrial Average dipped by 0.16 percent, while the S&P 500 shed 0.21 percent, and the Nasdaq Composite declined by 0.89 percent.

Meanwhile, 10 companies bucked an overall dull trading, having posted impressive gains. Let’s take a closer look at the top performers and explore the factors driving their exceptional results.

To come up with Thursday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Is Rumble (RUM) Among Tech, Energy Stocks That Are Wednesday’s Worst Performers?

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Rumble Inc. (NASDAQ:RUM)

Rumble Inc.’s shares grew for a second day on Thursday, jumping by 12.59 percent to close at $12.25 each following bullish coverage from analysts and optimism over President-elect Donald Trump’s plans to create a US strategic cryptocurrency reserve.

Rumble, a video-sharing platform and Bitcoin mining firm, earned a “buy” rating and a one-year price target of $20 from Maxim analyst Tom Forte.

Meanwhile, investor confidence was further boosted after reports that Trump was serious about creating a US cryptocurrency reserve and that he would move to add cryptocurrencies including XRP, Solana, and USD Coin to the project.

Late last year, Rumble said it made a $20 million Bitcoin purchase for its own cryptocurrency reserve. Not long after, it was announced that Tether was pouring as much as $775 million into the company.


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This article was originally published at Insider Monkey.