Bumble (NASDAQ:BMBL) Shares Down 4.5% – Here’s What Happened

Shares of Bumble Inc. (NASDAQ:BMBL) dropped 4.5% on Wednesday . The company traded as low as $8.28 and last traded at $8.25. Approximately 116,562 shares changed hands during trading, a decline of 94% from the average daily volume of 1,952,320 shares. The stock had previously closed at $8.64.

Wall Street Analyst Weigh In

BMBL has been the topic of a number of recent research reports. The Goldman Sachs Group upped their target price on Bumble from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Citigroup upped their price objective on Bumble from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Susquehanna upped their price objective on Bumble from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Wolfe Research downgraded Bumble from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Morgan Stanley upped their target price on Bumble from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bumble has an average rating of “Hold” and a consensus price target of $8.50.

Bumble Stock Down 4.9 %

The firm has a market capitalization of $888.70 million, a price-to-earnings ratio of -1.68 and a beta of 1.70. The business has a 50 day simple moving average of $8.07 and a 200-day simple moving average of $7.49. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.09 and a current ratio of 2.09.

Institutional Trading of Bumble

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FNY Investment Advisers LLC purchased a new position in shares of Bumble during the 4th quarter worth $56,000. SG Americas Securities LLC purchased a new position in shares of Bumble during the 3rd quarter worth $71,000. Capital Management Associates Inc purchased a new position in shares of Bumble during the 3rd quarter worth $74,000. D.A. Davidson & CO. purchased a new position in shares of Bumble during the 3rd quarter worth $77,000. Finally, Quantinno Capital Management LP purchased a new position in shares of Bumble during the 3rd quarter worth $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.