Rumble Inc. (NASDAQ:RUM), a video-sharing platform and Bitcoin mining firm, saw its stock price soar by 5.63% in the 24-hour trading session on Thursday, amidst bullish analyst coverage and investor optimism surrounding the potential creation of a US strategic cryptocurrency reserve.
Analysts at Maxim initiated coverage on Rumble with a "buy" rating and a one-year price target of $20, citing the company's growth prospects in the video-sharing and cryptocurrency mining sectors. Additionally, reports that the incoming Trump administration was considering adding cryptocurrencies like XRP, Solana, and USD Coin to a proposed US cryptocurrency reserve further fueled investor confidence in Rumble, which had previously announced a $20 million Bitcoin purchase for its own cryptocurrency reserve.
The positive sentiment around Rumble's involvement in the cryptocurrency space, coupled with the bullish analyst coverage, drove the stock's impressive 5.63% surge during Thursday's trading session, making it one of the top gainers among stocks with a market capitalization above $2 billion and daily trading volume exceeding $5 million.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.