Whisper Number: Definition, Example

By Robin Hartill, CFP – Updated Mar 12, 2025 at 4:44 PM EST

Key Points

A whisper number is an unofficial profit estimate that can influence a stock's price.
Whisper numbers can come from various sources, including hedge fund managers and social media.
These unofficial estimates can cause stocks to fluctuate and should be used with caution by investors.

Many investors rely on earnings estimates from Wall Street analysts when they decide whether to buy, hold, or sell stocks. But if you spend some time reading investment blogs, online forums, and social media sites, you may also see "whisper numbers," which are rumored estimates about a company's performance that often have murky origins. Learn more about whisper numbers, how to use them in your investment decisions, and why you should treat them with a healthy level of skepticism.

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Digital Screen with stock prices on it — Image source: Getty Images.

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The risks of investing based on whisper numbers

Whisper numbers can be surprisingly accurate, but you don't want to pay too much attention to them if you're when you're investing in stocks for a few reasons:

A whisper number can become a self-fulfilling prophecy. Stock prices represent investor sentiment, not the company's actual performance. Making investment decisions based on whisper numbers can lead to a herd mentality, where you pay a premium for an overpriced stock or panic-sell.
They may not be based on accurate information. Whisper numbers come from unknown sources, which makes it difficult to verify whether they're rooted in fact or fiction.
They can be used to manipulate markets. Nefarious traders and brokers may use whisper numbers to manipulate stock prices. This tends to be especially common in the world of penny stocks, which often get limited analyst coverage and often draw retail investors who are making speculative trades. For example, those promoting the stock may spread false rumors to drive up the whisper number (and subsequently, the stock's price), then sell their holdings at an inflated price. These tactics are known as pump-and-dump schemes.
Investors should focus on long-term performance. Investors should be cautious about making decisions based on any single earnings report. Investing in companies with strong fundamentals and staying invested over the long term typically produces better results over time than making short-term trades.

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About the Author

Robin Hartill, CFP, is a contributing writer at The Motley Fool. Robin’s work has also been published by Yahoo Finance, USA Today, and Penny Hoarder. She is a graduate of the University of Florida.

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Robin Hartill has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.