Bumble (NASDAQ:BMBL) Shares Up 9.8% – Here’s What Happened

Bumble Inc. (NASDAQ:BMBL)’s stock price traded up 9.8% during mid-day trading on Monday . The stock traded as high as $9.04 and last traded at $8.98. 552,182 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 3,074,187 shares. The stock had previously closed at $8.18.

Analyst Ratings Changes

BMBL has been the subject of several recent analyst reports. Wells Fargo & Company reduced their price objective on shares of Bumble from $10.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. lowered Bumble from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $17.00 to $7.00 in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft lowered their price target on Bumble from $11.00 to $7.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Evercore ISI cut Bumble from an “outperform” rating to an “inline” rating and reduced their price objective for the stock from $18.00 to $8.00 in a report on Thursday, August 8th. Finally, Piper Sandler reissued a “neutral” rating and issued a $8.00 target price (up previously from $7.00) on shares of Bumble in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.38.

Bumble Stock Performance

The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.09 and a current ratio of 2.09. The stock has a fifty day simple moving average of $7.09 and a two-hundred day simple moving average of $8.44. The stock has a market cap of $982.27 million, a PE ratio of -1.81 and a beta of 1.62.

Institutional Trading of Bumble

Several hedge funds and other institutional investors have recently bought and sold shares of BMBL. Geode Capital Management LLC grew its holdings in shares of Bumble by 0.6% during the third quarter. Geode Capital Management LLC now owns 2,330,678 shares of the company’s stock valued at $14,872,000 after purchasing an additional 14,889 shares during the last quarter. Quantinno Capital Management LP acquired a new position in Bumble during the 3rd quarter valued at approximately $90,000. Prentice Capital Management LP grew its stake in Bumble by 54.1% during the 3rd quarter. Prentice Capital Management LP now owns 242,844 shares of the company’s stock worth $1,549,000 after buying an additional 85,304 shares during the last quarter. Janus Henderson Group PLC increased its position in Bumble by 9.3% in the third quarter. Janus Henderson Group PLC now owns 174,926 shares of the company’s stock worth $1,116,000 after buying an additional 14,887 shares during the period. Finally, Cinctive Capital Management LP lifted its stake in Bumble by 25.7% in the third quarter. Cinctive Capital Management LP now owns 122,926 shares of the company’s stock valued at $784,000 after buying an additional 25,150 shares during the last quarter. 94.85% of the stock is owned by 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.