What Would It Take For Rumble Stock To Reach Its High Again?
For questions about this article or underlying research, email help@trefis.com.
Rumble (RUM) stock now trades about two thirds below the high close it set in September 2022. Many investors still measure the shares against that peak, treating the old mark as the price Rumble should trade at while they wait for a rebound. Assessing the actual distance to that record is worthwhile before waiting any longer. So how big a gain does Rumble stock need to get back?
Rumble Stock Needs A 188% Gain To Get Back
Returning to the September 2022 high close would require Rumble stock to gain 188.3%, overcoming a 65.3% decline. Even if the climb took three years, it would demand a 42.3% annual return. An investor who bought at the peak would need that exact yearly performance just to break even.
A long wait costs most when Rumble is a large share of what you own. See how to protect a concentrated position.
Has Rumble Stock Ever Gained 188% In Three Years?
The shares have never achieved that return in a price history starting in April 2021. That record includes the blank-check company Rumble merged with before it began trading as RUM in September 2022, just days before its high. Counting every three-year stretch of 756 trading sessions in that period, with one beginning on each trading day, shows Rumble stock missed a 188.3% gain in all of them. The business may still do well, but getting back to its old high within three years requires a stock gain it has never made.
What Has Waiting Cost Rumble Holders?
An investor who bought at the peak has now waited 4.1 years. Rumble stock is down 65.3% before dividends over those years, while the S&P 500 is up 97.8% on the same basis. Waiting has therefore cost these holders twice: the loss on Rumble, plus the gain the index made over the same years.
Is Rumble The Same Business It Was Then?
Rumble is a much larger company today than it was at its stock peak, as the figures below show.
| Rumble | At the high, September 2022 | Now |
|---|---|---|
| Share price | $16.81 | $5.83 |
| Business figures: twelve months ended | 2022-06-30 | 2026-06-30 |
| Revenue, twelve months | $13.5 million | $118 million |
| Operating margin | -108.0% | -101.0% |
| Net income, twelve months | -$21.8 million | -$160 million |
Share prices are split-adjusted closes on September 19, 2022 and October 20, 2026. Business figures are as reported, for the twelve months to the last fiscal quarter ended on or before each date.
Revenue over the last twelve months reached $118 million, expanding to nearly nine times the $13.5 million reported in the twelve months before the high. Management said on the fiscal Q2 2026 call that Rumble is no longer only a video business. After buying most of Northern Data in June 2026, the company also runs Quake AI, which sells AI computing as a service. Even so, the operating loss remains slightly larger than revenue, just as it was in 2022, and the net loss has grown.
The share price at the high was therefore the unusual element, representing investors paying far more for a much smaller business than the one Rumble runs now. The question worth asking is not when the old high comes back. It is whether Rumble’s business today is worth at least 14 times its sales, against 3.1 times for the S&P 500.
Is Too Much Of Your Wealth Riding On One Stock?
Rumble holders are still waiting for the stock to get back to where it was. When one position grows into a large part of your wealth, a sharp fall can hurt your whole plan, and selling to spread the money out can bring a large tax bill. Our partner advisory firm offers a free strategy review of ways to protect a concentrated position and unwind it with less tax.
Request A Free Strategy Review
Spot an error or want more like this? Tell us in 10 seconds.