Bumble (NASDAQ:BMBL) Shares Gap Down – Here’s What Happened

Bumble Inc. (NASDAQ:BMBL)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $7.97, but opened at $7.56. Bumble shares last traded at $8.02, with a volume of 174,580 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. KeyCorp cut Bumble from an “overweight” rating to a “sector weight” rating in a research note on Friday, September 27th. The Goldman Sachs Group lifted their target price on Bumble from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Wolfe Research cut shares of Bumble from an “outperform” rating to a “peer perform” rating in a report on Friday. Piper Sandler reiterated a “neutral” rating and set a $8.00 price objective (up previously from $7.00) on shares of Bumble in a report on Thursday, November 7th. Finally, Citigroup boosted their price objective on shares of Bumble from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.38.

Bumble Price Performance

The company has a market cap of $849.23 million, a PE ratio of -1.61 and a beta of 1.71. 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 stock’s 50-day moving average is $8.07 and its 200 day moving average is $7.83.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in Bumble in the 3rd quarter worth approximately $71,000. Capital Management Associates Inc acquired a new stake in shares of Bumble during the third quarter worth $74,000. D.A. Davidson & CO. purchased a new stake in shares of Bumble during the third quarter valued at $77,000. Meeder Asset Management Inc. acquired a new position in shares of Bumble in the second quarter valued at about $82,000. Finally, Quantinno Capital Management LP purchased a new position in shares of Bumble in the third quarter worth about $90,000. 94.85% of the stock is owned by institutional investors and hedge funds.

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.