Bumble (NASDAQ:BMBL) Shares Down 5.3% Following Analyst Downgrade

Bumble Inc. (NASDAQ:BMBL) shares were down 5.3% during mid-day trading on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $10.00 to $8.00. The Goldman Sachs Group currently has a buy rating on the stock. Bumble traded as low as $4.74 and last traded at $4.75. Approximately 383,231 shares changed hands during trading, a decline of 87% from the average daily volume of 2,987,601 shares. The stock had previously closed at $5.01.

BMBL has been the subject of a number of other research reports. Royal Bank of Canada lowered their target price on Bumble from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. JPMorgan Chase & Co. lowered their price objective on shares of Bumble from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. Morgan Stanley reduced their target price on shares of Bumble from $8.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Piper Sandler lowered their price target on shares of Bumble from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Finally, Wolfe Research lowered shares of Bumble from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.25.

Institutional Investors Weigh In On Bumble

A number of institutional investors have recently made changes to their positions in BMBL. Tower Research Capital LLC TRC boosted its holdings in Bumble by 20.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,400 shares of the company’s stock worth $60,000 after purchasing an additional 1,249 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Bumble by 2.7% in the 4th quarter. Franklin Resources Inc. now owns 63,994 shares of the company’s stock valued at $521,000 after buying an additional 1,666 shares during the period. Rhumbline Advisers grew its position in shares of Bumble by 1.4% during the 4th quarter. Rhumbline Advisers now owns 155,006 shares of the company’s stock valued at $1,262,000 after buying an additional 2,157 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Bumble by 2.1% during 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 during the period. Finally, Aigen Investment Management LP lifted its holdings in Bumble by 14.2% in the fourth quarter. Aigen Investment Management LP now owns 31,041 shares of the company’s stock worth $253,000 after acquiring an additional 3,853 shares during the last quarter. 94.85% of the stock is currently owned by institutional investors.

Bumble Stock Performance

The company has a market capitalization of $500.82 million, a price-to-earnings ratio of -0.97 and a beta of 1.77. The stock has a 50 day simple moving average of $6.89 and a 200 day simple moving average of $7.24. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.75.

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.