Why Rumble Stock Is Skyrocketing Today
Rumble (NASDAQ: RUM) stock is posting big gains in Thursday's trading. The streaming video company's share price was up 12.9% as of 2:15 p.m. ET amid the backdrop of a 0.2% decline for the S 500 index and a 0.5% drop for the Nasdaq Composite index.
Rumble stock is gaining ground today in conjunction with bullish coverage from an analyst. The company's share price is also getting a boost from reports that President-elect Donald Trump has expanding plans to create a U.S. strategic cryptocurrency reserve.
In a note published yesterday, Maxim analyst Tom Forte initiated coverage on Rumble stock with a buy rating and a one-year price target of $20 per share. With the stock trading at roughly $12.25 per share as of this writing even on the heels of today's gains, Forte's price target implies additional upside of about 63%. Rumble stock is now up roughly 261% over the last year thanks to tailwinds connected to Trump's presidential election win and news that the company will receive $775 million in investment from the parent company of the Tether stablecoin cryptocurrency.
Source Fool.com
