Bumble (NASDAQ:BMBL) Shares Gap Down on Analyst Downgrade

Bumble Inc. (NASDAQ:BMBL) gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $8.00 to $7.00. The stock had previously closed at $8.10, but opened at $6.59. Wells Fargo & Company currently has an equal weight rating on the stock. Bumble shares last traded at $6.24, with a volume of 2,907,937 shares traded.

Several other equities research analysts have also commented on the stock. Morgan Stanley raised their price target on shares of Bumble from $7.50 to $8.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Stifel Nicolaus reduced their target price on Bumble from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday. Wolfe Research cut shares of Bumble from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Citigroup cut their price objective on Bumble from $8.00 to $6.80 and set a “neutral” rating for the company in a report on Wednesday. Finally, The Goldman Sachs Group raised their price objective on Bumble from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Bumble currently has a consensus rating of “Hold” and a consensus price target of $8.30.

Hedge Funds Weigh In On Bumble

Several institutional investors have recently made changes to their positions in the stock. FNY Investment Advisers LLC purchased a new stake in Bumble in the 4th quarter valued at about $56,000. Tower Research Capital LLC TRC raised its holdings in shares of Bumble by 20.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,400 shares of the company’s stock valued at $60,000 after acquiring an additional 1,249 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Bumble in the third quarter worth approximately $71,000. Capital Management Associates Inc purchased a new stake in Bumble during the third quarter valued at about $74,000. Finally, D.A. Davidson & CO. bought a new stake in shares of Bumble in the 3rd quarter valued at about $77,000. Institutional investors and hedge funds own 94.85% of the company’s stock.

Bumble Stock Performance

The business has a 50 day moving average price of $8.03 and a two-hundred day moving average price of $7.44. The stock has a market cap of $648.00 million, a PE ratio of -1.29 and a beta of 1.70. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.09 and a quick ratio of 2.09.

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.