Bumble (NASDAQ:BMBL) Price Target Cut to $7.00 by Analysts at Royal Bank of Canada

Bumble (NASDAQ:BMBL) had its price target lowered by Royal Bank of Canada from $8.00 to $7.00 in a research report sent to investors on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

BMBL has been the topic of several other research reports. Wolfe Research cut shares of Bumble from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Piper Sandler reduced their target price on shares of Bumble from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday. Wells Fargo & Company dropped their price target on shares of Bumble from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Evercore ISI reduced 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. Finally, Citigroup dropped their target price on shares of Bumble from $8.00 to $6.80 and set a “neutral” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $8.18.

Bumble Stock Performance

BMBL opened at $5.64 on Wednesday. Bumble has a 1-year low of $4.80 and a 1-year high of $13.56. The company has a market cap of $610.14 million, a price-to-earnings ratio of -1.15 and a beta of 1.70. The company’s fifty day moving average price is $7.98 and its two-hundred day moving average price is $7.43. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.75.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Ameriprise Financial Inc. lifted its position in shares of Bumble by 25.5% during the fourth quarter. Ameriprise Financial Inc. now owns 6,382,478 shares of the company’s stock worth $51,953,000 after acquiring an additional 1,298,630 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Bumble by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,965,283 shares of the company’s stock worth $32,279,000 after purchasing an additional 22,136 shares in the last quarter. RPD Fund Management LLC bought a new position in Bumble in the 4th quarter worth about $30,940,000. Geode Capital Management LLC grew its holdings in Bumble by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,330,678 shares of the company’s stock valued at $14,872,000 after buying an additional 14,889 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Bumble by 3.5% during the fourth quarter. Northern Trust Corp now owns 950,014 shares of the company’s stock valued at $7,733,000 after buying an additional 32,353 shares during the period. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

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.