Bumble Inc. (NASDAQ:BMBL) Sees Large Growth in Short Interest

Bumble Inc. (NASDAQ:BMBL) was the recipient of a significant increase in short interest in February. As of February 28th, there was short interest totalling 12,940,000 shares, an increase of 21.2% from the February 13th total of 10,680,000 shares. Approximately 18.1% of the company’s stock are sold short. Based on an average daily trading volume, of 3,030,000 shares, the days-to-cover ratio is currently 4.3 days.

Hedge Funds Weigh In On Bumble

Several institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. bought a new stake in shares of Bumble during the 3rd quarter worth about $911,000. Los Angeles Capital Management LLC acquired a new stake in Bumble during the third quarter worth approximately $181,000. Entropy Technologies LP bought a new stake in shares of Bumble during the third quarter worth approximately $187,000. Victory Capital Management Inc. grew its position in shares of Bumble by 470.7% in the third quarter. Victory Capital Management Inc. now owns 250,025 shares of the company’s stock valued at $1,595,000 after purchasing an additional 206,215 shares during the last quarter. Finally, Factorial Partners LLC bought a new position in shares of Bumble during the third quarter worth approximately $185,000. 94.85% of the stock is currently owned by institutional investors and hedge funds.

Bumble Stock Performance

Shares of NASDAQ BMBL opened at $4.61 on Wednesday. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $486.57 million, a P/E ratio of -0.94 and a beta of 1.77. Bumble has a 12 month low of $4.57 and a 12 month high of $12.49. The stock has a 50 day moving average of $6.82 and a 200-day moving average of $7.23.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Evercore ISI cut their price objective on shares of Bumble from $8.00 to $7.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Royal Bank of Canada decreased their price objective on Bumble from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. Morgan Stanley cut their target price on Bumble from $8.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Wolfe Research cut shares of Bumble from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Susquehanna cut their price objective on shares of Bumble from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.25.

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.