Fmr LLC Sells 2,718,595 Shares of Bumble Inc. (NASDAQ:BMBL)

Fmr LLC reduced its position in shares of Bumble Inc. (NASDAQ:BMBL) by 31.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,020,404 shares of the company’s stock after selling 2,718,595 shares during the period. Fmr LLC owned approximately 4.76% of Bumble worth $38,410,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Point72 Asset Management L.P. bought a new stake in shares of Bumble in the second quarter valued at about $24,121,000. The Manufacturers Life Insurance Company raised its stake in Bumble by 17.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,042,599 shares of the company’s stock worth $21,468,000 after purchasing an additional 297,057 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Bumble by 470.7% in the 3rd quarter. Victory Capital Management Inc. now owns 250,025 shares of the company’s stock valued at $1,595,000 after purchasing an additional 206,215 shares during the period. AXA S.A. grew its position in shares of Bumble by 1,589.8% during the 2nd quarter. AXA S.A. now owns 191,064 shares of the company’s stock worth $2,008,000 after purchasing an additional 179,757 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Bumble during the second quarter worth approximately $1,716,000. 94.85% of the stock is currently owned by institutional investors.

Bumble Stock Performance

Shares of BMBL stock opened at $8.25 on Monday. The firm has a market capitalization of $892.49 million, a price-to-earnings ratio of -1.69 and a beta of 1.71. 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 business’s 50-day moving average price is $7.57 and its 200-day moving average price is $8.23. Bumble Inc. has a 12 month low of $4.80 and a 12 month high of $15.90.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Citigroup boosted their price target on Bumble from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. TD Cowen downgraded Bumble from a “buy” rating to a “hold” rating and dropped their price target for the company from $22.00 to $7.50 in a research note on Friday, August 16th. Piper Sandler reissued a “neutral” rating and issued a $8.00 target price (up from $7.00) on shares of Bumble in a report on Thursday, November 7th. Stifel Nicolaus upped their price target on shares of Bumble from $6.50 to $7.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Finally, Susquehanna lifted their price objective on shares of Bumble from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $8.38.

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.