Bumble (NASDAQ:BMBL) Given New $7.00 Price Target at Royal Bank of Canada

Bumble (NASDAQ:BMBL) had its target price lowered by analysts at Royal Bank of Canada from $8.00 to $7.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 19.13% from the company’s previous close.

Several other equities research analysts have also recently commented on the company. The Goldman Sachs Group increased their price objective on Bumble from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Evercore ISI cut their price target on Bumble from $8.00 to $7.00 and set an “in-line” rating for the company in a research note on Wednesday. Morgan Stanley upped their target price on shares of Bumble from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Piper Sandler reduced their price target on Bumble from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Susquehanna lifted their target price on shares of Bumble from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bumble has a consensus rating of “Hold” and an average price target of $8.18.

Bumble Stock Down 27.5 %

BMBL traded down $2.22 during midday trading on Wednesday, reaching $5.88. The company’s stock had a trading volume of 10,770,331 shares, compared to its average volume of 2,373,894. 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 firm has a market capitalization of $635.67 million, a price-to-earnings ratio of -1.20 and a beta of 1.70. The stock’s 50-day moving average is $8.03 and its 200-day moving average is $7.44. Bumble has a 1 year low of $4.80 and a 1 year high of $13.56.

Institutional Trading of Bumble

Hedge funds have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC acquired a new position in Bumble in the fourth quarter valued at $56,000. Tower Research Capital LLC TRC increased 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 valued at $60,000 after buying an additional 1,249 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Bumble in the 3rd quarter worth approximately $71,000. Capital Management Associates Inc acquired a new position in shares of Bumble during the 3rd quarter worth $74,000. Finally, D.A. Davidson & CO. acquired a new stake in Bumble in the 3rd quarter valued at about $77,000. Institutional investors and hedge funds own 94.85% of the company’s stock.

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.