Royal Bank of Canada Has Lowered Expectations for Bumble (NASDAQ:BMBL) Stock Price

Bumble (NASDAQ:BMBL) had its price target lowered by equities researchers at Royal Bank of Canada from $8.00 to $7.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 28.32% from the company’s previous close.

Several other brokerages have also recently weighed in on BMBL. Morgan Stanley raised their target price on shares of Bumble from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Wells Fargo & Company reduced their price objective on shares of Bumble from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Wednesday. Susquehanna boosted their target price on shares of Bumble from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Wolfe Research lowered Bumble from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Finally, Piper Sandler decreased their price target on Bumble from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Bumble currently has an average rating of “Hold” and an average price target of $8.05.

Bumble Price Performance

BMBL stock opened at $5.46 on Wednesday. The business’s 50-day moving average is $7.92 and its two-hundred day moving average is $7.42. 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 firm has a market capitalization of $590.12 million, a P/E ratio of -1.12 and a beta of 1.70. Bumble has a 1 year low of $4.80 and a 1 year high of $13.36.

Institutional Trading of Bumble

Institutional investors and hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its position in Bumble by 20.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,400 shares of the company’s stock worth $60,000 after purchasing an additional 1,249 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Bumble by 2.7% during the fourth quarter. Franklin Resources Inc. now owns 63,994 shares of the company’s stock worth $521,000 after buying an additional 1,666 shares during the last quarter. Rhumbline Advisers increased its position in Bumble by 1.4% in the 4th quarter. Rhumbline Advisers now owns 155,006 shares of the company’s stock valued at $1,262,000 after acquiring an additional 2,157 shares during the period. JPMorgan Chase & Co. increased its position in Bumble by 2.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 131,854 shares of the company’s stock valued at $841,000 after acquiring an additional 2,760 shares during the period. Finally, Aigen Investment Management LP raised its stake in Bumble by 14.2% during the 4th quarter. Aigen Investment Management LP now owns 31,041 shares of the company’s stock valued at $253,000 after acquiring an additional 3,853 shares during the last quarter. Hedge funds and other 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.