Principal Financial Group Inc. Invests $911,000 in Bumble Inc. (NASDAQ:BMBL)

Principal Financial Group Inc. acquired a new stake in Bumble Inc. (NASDAQ:BMBL) in the third quarter, HoldingsChannel.com reports. The fund acquired 142,832 shares of the company’s stock, valued at approximately $911,000.

A number of other institutional investors also recently added to or reduced their stakes in BMBL. Meeder Asset Management Inc. acquired a new stake in shares of Bumble in the 2nd quarter valued at approximately $82,000. Headlands Technologies LLC acquired a new stake in Bumble in the second quarter valued at $94,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Bumble during the 2nd quarter worth $111,000. SG Americas Securities LLC acquired a new position in shares of Bumble during the 3rd quarter worth $71,000. Finally, Capital Management Associates Inc purchased a new position in shares of Bumble in the 3rd quarter valued at about $74,000. Hedge funds and other institutional investors own 94.85% of the company’s stock.

Bumble Stock Up 1.6 %

Shares of BMBL opened at $8.10 on Friday. Bumble Inc. has a fifty-two week low of $4.80 and a fifty-two week high of $15.05. The company’s fifty day moving average is $8.09 and its two-hundred day moving average is $7.79. The firm has a market cap of $876.27 million, a PE ratio of -1.66 and a beta of 1.71. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.75.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Wolfe Research lowered shares of Bumble from an “outperform” rating to a “peer perform” rating in a research report on Friday. Piper Sandler reaffirmed a “neutral” rating and issued a $8.00 price objective (up from $7.00) on shares of Bumble in a research note on Thursday, November 7th. The Goldman Sachs Group boosted 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. Stifel Nicolaus raised their price target on Bumble from $6.50 to $7.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Finally, Citigroup lifted their price target on Bumble from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bumble currently has a consensus rating of “Hold” and an average price target of $8.38.

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.