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We recently compiled a list of the Why These 10 Stocks Are Skyrocketing. In this article, we are going to take a look at where Rumble Inc. (NASDAQ:RUM) stands against the other stocks that are skyrocketing.
Wall Street saw a quiet trading session this week amid the lack of major catalysts to perk up the market. Despite an overall thin trading volume, 10 companies managed to outperform and mirror gains of all major indices.
To come up with the Top 10 Gainers this week, we focused on stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.
Let’s take a look at Rumble Inc. (NASDAQ:RUM) and how it has performed so far.
A large flat-screen TV streaming video from a video hosting platform.
Rumble Inc. (NASDAQ:RUM)
Video platform Rumble Inc. (RUM) became the top gainer for the week, registering a whopping 26.8 percent increase from a $10 open on Monday to finish Tuesday’s trading at $12.68 apiece.
Last week, the company announced that it entered into a definitive agreement for a strategic investment of $775 million from Tether, the largest company in the digital assets industry and the most widely used dollar stablecoin across the world with more than 350 million users. Over the last few years, Tether has become one of the most recognized symbols of financial inclusion.
According to Rumble (RUM), a total of $250 million of the proceeds will be used to support growth initiatives and the remaining proceeds to fund a self-tender offer for up to 70 million Class A common shares.
Overall, RUM ranks 1st on our list of stocks that are skyrocketing. 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 time frame. 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 is originally published at Insider Monkey.