Bumble (NASDAQ:BMBL) Price Target Cut to $7.00

Bumble (NASDAQ:BMBL) had its price objective lowered by Piper Sandler from $13.00 to $7.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 17.06% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Evercore ISI lowered shares of Bumble from an “outperform” rating to an “inline” rating and cut their target price for the stock from $18.00 to $8.00 in a research report on Thursday. Citigroup dropped their price objective on shares of Bumble from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Stifel Nicolaus downgraded shares of Bumble from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $13.00 to $6.50 in a report on Thursday. JPMorgan Chase & Co. downgraded shares of Bumble from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $17.00 to $7.00 in a report on Thursday. Finally, KeyCorp dropped their price objective on shares of Bumble from $16.00 to $11.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Bumble has an average rating of “Hold” and an average price target of $9.91.

Bumble Stock Performance

Bumble stock traded up $0.27 on Thursday, reaching $5.98. 8,717,995 shares of the stock were exchanged, compared to its average volume of 3,150,074. The stock has a market cap of $754.67 million, a PE ratio of 35.18 and a beta of 1.70. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.46. Bumble has a twelve month low of $4.80 and a twelve month high of $17.31. The firm has a fifty day moving average price of $9.66 and a two-hundred day moving average price of $10.98.

Bumble (NASDAQ:BMBL) last released its earnings results on Wednesday, August 7th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.07. The firm had revenue of $268.60 million during the quarter, compared to analyst estimates of $273.04 million. Bumble had a net margin of 2.04% and a return on equity of 0.92%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.05 EPS. Sell-side analysts anticipate that Bumble will post 0.9 EPS for the current year.

Insiders Place Their Bets

In other Bumble news, Director Ann Mather sold 7,492 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $11.41, for a total transaction of $85,483.72. Following the sale, the director now directly owns 29,030 shares of the company’s stock, valued at $331,232.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 7.84% of the company’s stock.

Institutional Trading of Bumble

Several large investors have recently added to or reduced their stakes in BMBL. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Bumble by 17.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 115,355 shares of the company’s stock worth $1,700,000 after purchasing an additional 16,869 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Bumble by 16.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 683,553 shares of the company’s stock worth $10,076,000 after purchasing an additional 97,948 shares in the last quarter. Handelsbanken Fonder AB lifted its position in shares of Bumble by 24.2% during the fourth quarter. Handelsbanken Fonder AB now owns 15,400 shares of the company’s stock worth $227,000 after purchasing an additional 3,000 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Bumble by 5.6% during the fourth quarter. New York State Common Retirement Fund now owns 151,449 shares of the company’s stock worth $2,232,000 after purchasing an additional 8,097 shares in the last quarter. Finally, Headlands Technologies LLC lifted its position in shares of Bumble by 98.6% during the fourth quarter. Headlands Technologies LLC now owns 2,200 shares of the company’s stock worth $32,000 after purchasing an additional 1,092 shares in the last quarter. 94.85% of the stock is owned by institutional investors.

About Bumble

Bumble Inc provides online dating and social networking platforms in North America, Europe, internationally. It owns and operates websites and applications that offers subscription and in-app purchases dating products. The company operates apps, including Bumble, a dating app built with women at the center, where women make the first move; Badoo, the web and mobile free-to-use dating app; Official app where users connect their profile with that of their partner enabling a shared, linked product experience; Bumble BFF and Bumble Bizz Modes that have a format similar to the date mode requiring users to set up profiles and matching users through yes and no votes, similar to the dating platform; and Bumble for Friends, a friendship app where people in all stages of life can meet people nearby and create meaningful platonic connections, as well as Fruitz app is centered around encouraging honesty and transparency by sharing dating intentions from the first touch point.