Bumble (NASDAQ:BMBL) Shares Gap Down After Analyst Downgrade

Shares of Bumble Inc. (NASDAQ:BMBL) gapped down prior to trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $8.00 to $7.00. The stock had previously closed at $8.10, but opened at $6.59. JPMorgan Chase & Co. currently has a neutral rating on the stock. Bumble shares last traded at $6.24, with a volume of 2,907,937 shares changing hands.

Several other brokerages have also issued reports on BMBL. Susquehanna lifted 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. Morgan Stanley upped their price target on shares of Bumble from $7.50 to $8.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Citigroup cut their price objective on Bumble from $8.00 to $6.80 and set a “neutral” rating on the stock in a report on Wednesday. The Goldman Sachs Group upped their target price on Bumble from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company dropped their target price on Bumble from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.18.

Institutional Investors Weigh In On Bumble

Large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. acquired a new position in shares of Bumble during the third quarter valued at about $911,000. Victory Capital Management Inc. raised its stake in Bumble by 470.7% during the 3rd quarter. Victory Capital Management Inc. now owns 250,025 shares of the company’s stock worth $1,595,000 after buying an additional 206,215 shares during the period. JPMorgan Chase & Co. boosted its holdings in Bumble by 2.1% in the third quarter. JPMorgan Chase & Co. now owns 131,854 shares of the company’s stock worth $841,000 after acquiring an additional 2,760 shares in the last quarter. Franklin Resources Inc. grew 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 acquiring an additional 6,325 shares during the period. Finally, Creative Planning grew its stake in Bumble by 437.5% in the third quarter. Creative Planning now owns 54,055 shares of the company’s stock valued at $345,000 after acquiring an additional 43,998 shares during the period. 94.85% of the stock is currently owned by institutional investors and hedge funds.

Bumble Stock Performance

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 fifty day moving average price of $7.98 and a 200 day moving average price of $7.43. The stock has a market cap of $610.14 million, a P/E ratio of -1.15 and a beta of 1.70.

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.