Shares of the company marked their best session in over five years, with message volume for the stock on Stocktwits rising 4,000%.
RumbleOn, Inc. (RMBL) sparked strong interest among retail traders on Stocktwits Tuesday, after unveiling a series of corporate changes that sent its shares sharply higher.
The company, which sells sports vehicles such as super bikes, all-terrain vehicles (ATVs), snowmobiles, and golf carts, announced that it is changing its name to RideNow Group and its ticker symbol to “RDNW,” effective Wednesday. It is also moving its corporate headquarters back to Phoenix, Arizona.
The company also reported quarterly results that topped market expectations, propelling its shares more than 60% higher on Tuesday, their best session in over five years.
On Stocktwits, the retail sentiment for RMBL shifted to ‘extremely bullish’ (99/100) as of late Tuesday, from ‘bullish’ the previous day. Message volume rose 4,000% in the past 24-hour period, among the highest in consumer stocks.
Several users posted about their bullish positioning on the stock, with one commenting: “turnaround story in play.”
The surge comes after years of the stock underperforming. From its peak market cap of $722.5 million in November 2021, the company’s value has declined to $75.7 million as of Monday’s close, a day before the rally.
The company’s revenue declined in 2023 and 2024, resulting in a net loss in both years.
In the second quarter, RumbleOn’s revenue fell 11% to $299.9 million, but beat analysts’ estimate of $280.7 million from LSEG/Reuters. Adjusted EBITDA of $17.20 million was also higher than the expectation of $13.70 million.
“While performance in the second quarter was nowhere close to where we want and expect to be, the company’s ‘back to our roots’ strategy is working and driving improvement in our year-over-year results,” CEO Michael Quartieri said in a statement.
RumbleOn shares are down 41% year-to-date.
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