Rumble Inc. (RUM) rallied over 5% in the pre-market trading session on Wednesday, following Maxim Group's initiation of coverage on the stock with a Buy rating and a price target of $20.

The social video platform company's shares soared in early trading, as the bullish analyst call highlighted Rumble's potential for significant growth in the coming years. Maxim cited the company's rapidly expanding user base and increasing engagement on its platform as key drivers for its positive outlook.

Analysts at Maxim believe that Rumble's focus on providing a free speech-friendly alternative to mainstream social media platforms positions it well to capture a larger market share in the evolving digital landscape. The firm's price target of $20 implies an upside potential of over 50% from Rumble's current trading levels.