Bumble (NASDAQ:BMBL) Trading 6% Higher – Here’s Why

Bumble Inc. (NASDAQ:BMBL)’s share price rose 6% during trading on Monday . The company traded as high as $5.56 and last traded at $5.53. Approximately 3,060,712 shares changed hands during trading, a decline of 1% from the average daily volume of 3,076,997 shares. The stock had previously closed at $5.21.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Royal Bank of Canada reduced their target price on shares of Bumble from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Wolfe Research downgraded shares of Bumble from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Wells Fargo & Company decreased their target price on shares of Bumble from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 19th. Stifel Nicolaus reduced their price target on Bumble from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, February 19th. Finally, Citigroup decreased their price objective on Bumble from $8.00 to $6.80 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Bumble has a consensus rating of “Hold” and a consensus target price of $8.05.

Bumble Price Performance

The company has a debt-to-equity ratio of 0.75, a current ratio of 2.09 and a quick ratio of 2.09. The company has a market cap of $598.24 million, a PE ratio of -1.13 and a beta of 1.70. The company has a 50-day moving average price of $7.86 and a two-hundred day moving average price of $7.39.

Institutional Trading of Bumble

A number of hedge funds and other institutional investors have recently modified their holdings of BMBL. SG Americas Securities LLC purchased a new stake in Bumble during the 3rd quarter worth approximately $71,000. Creative Planning increased its position in Bumble by 437.5% in the 3rd quarter. Creative Planning now owns 54,055 shares of the company’s stock valued at $345,000 after acquiring an additional 43,998 shares during the period. Westbourne Investment Advisors Inc. raised its stake in shares of Bumble by 17.1% during the third quarter. Westbourne Investment Advisors Inc. now owns 410,811 shares of the company’s stock valued at $2,621,000 after purchasing an additional 59,970 shares in the last quarter. QRG Capital Management Inc. acquired a new stake in shares of Bumble in the 3rd quarter worth approximately $246,000. Finally, Principal Financial Group Inc. bought a new position in shares of Bumble in the third quarter valued at approximately $911,000. 94.85% of the stock is owned by hedge funds and other institutional investors.

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.