RumbleOn Stock Price Drops After Earnings

11/9/17

By Charlotte Chilton, NC BIZ News

RumbleOn Inc., the Charlotte-based e-commerce company specializing in pre-owned motorcycles and recreational vehicles, reported a third-quarter loss in a filing with the Securities and Exchange Commission.

The newly public company, listed on Nasdaq as RMBL, has reported a revenue of $3.9 million for the nine-month period ending Sept. 30. This was driven by the sale of 323 units, in which an average gross profit per unit was $736.

The company saw a net loss of $5.1 million, 56 cents per share.

RumbleOn had no sales of vehicles during the third quarter of last year.

“We believe that our focus on the customer, innovative technology, unmatched service, first mover advantage, and strong leadership team position us well to continue taking share in the marketplace to drive the business forward and create long-term shareholder value,” said RumbleOn Chief Executive Officer Marshall Chesrown, in a release.

The company’s stock dropped 3.5 percent in Thursday trading at $5.11, down from Wednesday’s close of $5.30.

RumbleOn was initiated at Roth Capital with a “Buy” rating on Oct. 25.

The company has been viewed as a disruptive platform, focusing on consumer and dealer experience to buy, sell, trade and finance pre-owned motorcycles online.

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