Principal Financial Group Inc. Takes $911,000 Position in Bumble Inc. (NASDAQ:BMBL)

Principal Financial Group Inc. purchased a new position in shares of Bumble Inc. (NASDAQ:BMBL) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 142,832 shares of the company’s stock, valued at approximately $911,000. Principal Financial Group Inc. owned about 0.11% of Bumble as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in BMBL. Point72 Asset Management L.P. acquired a new position in Bumble in the second quarter valued at $24,121,000. Vanguard Group Inc. increased its position in Bumble by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 10,822,610 shares of the company’s stock valued at $122,837,000 after acquiring an additional 613,759 shares during the period. Joho Capital LLC purchased a new stake in Bumble during the 1st quarter valued at approximately $6,242,000. The Manufacturers Life Insurance Company lifted its position in Bumble by 17.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,042,599 shares of the company’s stock worth $21,468,000 after acquiring an additional 297,057 shares during the period. Finally, AXA S.A. grew its stake in shares of Bumble by 1,589.8% in the 2nd quarter. AXA S.A. now owns 191,064 shares of the company’s stock valued at $2,008,000 after purchasing an additional 179,757 shares during the last quarter. Institutional investors and hedge funds own 94.85% of the company’s stock.

Bumble Stock Performance

Shares of BMBL opened at $8.18 on Friday. Bumble Inc. has a 12-month low of $4.80 and a 12-month high of $15.90. The stock has a market cap of $884.91 million, a P/E ratio of -1.67 and a beta of 1.62. 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 company has a 50-day moving average of $7.09 and a two-hundred day moving average of $8.45.

Analysts Set New Price Targets

A number of research firms recently weighed in on BMBL. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Bumble from $11.00 to $7.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Royal Bank of Canada cut their price target on shares of Bumble from $16.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. TD Cowen lowered Bumble from a “buy” rating to a “hold” rating and lowered their price objective for the company from $22.00 to $7.50 in a report on Friday, August 16th. Stifel Nicolaus increased their target price on Bumble from $6.50 to $7.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Finally, BTIG Research downgraded Bumble from a “buy” rating to a “neutral” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $8.38.

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.