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We recently compiled a list of the 10 Firms Shine Amid Wall Street's Lackluster Trading. In this article, we are going to take a look at where Rumble Inc. (NASDAQ:RUM) stands against the other stocks.
A lackluster trading persisted throughout Thursday, with Wall Street’s main indices ending the day with only marginal changes.
The Dow Jones Industrial Average dipped by 0.16 percent, while the S&P 500 shed 0.21 percent, and the Nasdaq Composite declined by 0.89 percent.
Meanwhile, 10 companies bucked an overall dull trading, having posted impressive gains. Let’s take a closer look at the top performers and explore the factors driving their exceptional results.
To come up with Thursday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A large flat-screen TV streaming video from a video hosting platform.
Rumble Inc. (NASDAQ:RUM)
Rumble Inc. (NASDAQ:RUM)'s shares grew for a second day on Thursday, jumping by 12.59 percent to close at $12.25 each following bullish coverage from analysts and optimism over President-elect Donald Trump’s plans to create a US strategic cryptocurrency reserve.
Rumble, a video-sharing platform and Bitcoin mining firm, earned a “buy” rating and a one-year price target of $20 from Maxim analyst Tom Forte.
Meanwhile, investor confidence was further boosted after reports that Trump was serious about creating a US cryptocurrency reserve and that he would move to add cryptocurrencies including XRP, Solana, and USD Coin to the project.
Late last year, Rumble (NASDAQ:RUM) said it made a $20 million Bitcoin purchase for its own cryptocurrency reserve. Not long after, it was announced that Tether was pouring as much as $775 million into the company.
Overall RUM ranks 3rd on our list of the stocks that skyrocketed today. While we acknowledge the potential of RUM as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than RUM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article was originally published at Insider Monkey.