Bumble (NASDAQ:BMBL) Shares Down 4.5% – Here’s What Happened

Bumble Inc. (NASDAQ:BMBL) fell 4.5% on Wednesday . The company traded as low as $8.28 and last traded at $8.25. 116,562 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 1,952,320 shares. The stock had previously closed at $8.64.

Analysts Set New Price Targets

BMBL has been the subject of a number of recent research reports. Morgan Stanley increased their price objective on shares of Bumble from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. The Goldman Sachs Group increased their price objective on shares of Bumble from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Wolfe Research cut shares of Bumble from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Piper Sandler reaffirmed a “neutral” rating and issued a $8.00 target price (up from $7.00) on shares of Bumble in a report on Thursday, November 7th. Finally, Citigroup upped their target price on shares of Bumble from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.50.

Bumble Price Performance

The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.75. The firm has a market cap of $888.70 million, a price-to-earnings ratio of -1.68 and a beta of 1.70. The company’s 50-day moving average is $8.07 and its 200-day moving average is $7.49.

Hedge Funds Weigh In On Bumble

A number of hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in Bumble by 0.6% during the third quarter. Geode Capital Management LLC now owns 2,330,678 shares of the company’s stock worth $14,872,000 after buying an additional 14,889 shares during the last quarter. Westbourne Investment Advisors Inc. raised its stake in Bumble by 18.4% during the fourth quarter. Westbourne Investment Advisors Inc. now owns 486,446 shares of the company’s stock worth $3,960,000 after buying an additional 75,635 shares during the last quarter. Victory Capital Management Inc. increased its stake in Bumble by 470.7% in the third quarter. Victory Capital Management Inc. now owns 250,025 shares of the company’s stock valued at $1,595,000 after purchasing an additional 206,215 shares in the last quarter. Prentice Capital Management LP increased its stake in Bumble by 54.1% in the third quarter. Prentice Capital Management LP now owns 242,844 shares of the company’s stock valued at $1,549,000 after purchasing an additional 85,304 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Bumble by 9.3% in the third quarter. Janus Henderson Group PLC now owns 174,926 shares of the company’s stock valued at $1,116,000 after purchasing an additional 14,887 shares in the last quarter. Institutional investors own 94.85% of the company’s stock.

Bumble Company Profile

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.