Bumble (NASDAQ:BMBL) Shares Up 5.6% – Here’s Why

Bumble Inc. (NASDAQ:BMBL) shares shot up 5.6% during mid-day trading on Friday . The company traded as high as $4.99 and last traded at $4.99. 881,083 shares traded hands during trading, a decline of 71% from the average session volume of 2,999,312 shares. The stock had previously closed at $4.73.

Analyst Ratings Changes

BMBL has been the subject of several recent research reports. Evercore ISI lowered their price objective on shares of Bumble from $8.00 to $7.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Wells Fargo & Company lowered their price objective on shares of Bumble from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. Morgan Stanley increased their price objective on shares of Bumble from $7.50 to $8.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Royal Bank of Canada lowered their price objective on shares of Bumble from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Finally, Citigroup lowered their price objective on shares of Bumble from $8.00 to $6.80 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $7.52.

Bumble Price Performance

The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $549.56 million, a P/E ratio of -1.04 and a beta of 1.77. The company has a 50 day moving average of $7.28 and a 200-day moving average of $7.31.

Institutional Investors Weigh In On Bumble

Hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC bought a new stake in Bumble in the fourth quarter valued at $187,000. Principal Financial Group Inc. bought a new stake in Bumble in the third quarter valued at $911,000. Victory Capital Management Inc. lifted 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 buying an additional 206,215 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Bumble by 2.1% in the third quarter. JPMorgan Chase & Co. now owns 131,854 shares of the company’s stock valued at $841,000 after buying an additional 2,760 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Bumble by 11.3% in the third quarter. Franklin Resources Inc. now owns 62,328 shares of the company’s stock valued at $421,000 after buying an additional 6,325 shares during the last quarter. 94.85% of the stock is currently owned by institutional investors.

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.