Bumble (NASDAQ:BMBL) Price Target Cut to $7.00 by Analysts at Wells Fargo & Company

Bumble (NASDAQ:BMBL) had its price objective lowered by Wells Fargo & Company from $8.00 to $7.00 in a report released on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other brokerages have also weighed in on BMBL. Citigroup cut their price objective on Bumble from $8.00 to $6.80 and set a “neutral” rating for the company in a report on Wednesday. Susquehanna upped their price target on shares of Bumble from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Piper Sandler lowered their price objective on shares of Bumble from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday. Wolfe Research lowered shares of Bumble from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Stifel Nicolaus decreased their price target on shares of Bumble from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Bumble has a consensus rating of “Hold” and an average target price of $8.18.

Bumble Stock Performance

BMBL opened at $5.64 on Wednesday. The business has a 50 day moving average price of $7.98 and a two-hundred day moving average price of $7.43. 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 company has a market capitalization of $610.14 million, a price-to-earnings ratio of -1.15 and a beta of 1.70. Bumble has a 1-year low of $4.80 and a 1-year high of $13.56.

Institutional Investors Weigh In On Bumble

Several hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in Bumble during the 3rd quarter valued at about $71,000. Creative Planning boosted its holdings in shares of Bumble by 437.5% during the third quarter. Creative Planning now owns 54,055 shares of the company’s stock worth $345,000 after purchasing an additional 43,998 shares during the period. Capital Management Associates Inc purchased a new position in Bumble during the third quarter valued at approximately $74,000. Westbourne Investment Advisors Inc. increased its stake in Bumble by 17.1% in the 3rd quarter. Westbourne Investment Advisors Inc. now owns 410,811 shares of the company’s stock valued at $2,621,000 after buying an additional 59,970 shares during the period. Finally, QRG Capital Management Inc. acquired a new position in Bumble in the 3rd quarter valued at approximately $246,000. 94.85% of the stock is owned by hedge funds and other 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.