Rumble Inc. (RUM), the social video platform company, saw its stock soar 6.76% in the pre-market session on Wednesday. The surge came after Maxim Group initiated coverage on Rumble with a Buy rating and a price target of $20, highlighting the company's significant growth potential.
According to analysts at Maxim, Rumble's rapidly expanding user base and increasing engagement on its platform position the company well to capture a larger market share. The firm praised Rumble's focus on providing a free speech-friendly alternative to mainstream social media platforms, which could attract more users seeking uncensored content sharing.
Maxim's $20 price target implies an upside potential of over 50% from Rumble's current trading levels, reflecting the optimism surrounding the company's future prospects. The bullish initiation of coverage has fueled investor enthusiasm, driving the stock's pre-market surge on Wednesday.
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