JPMorgan Chase & Co. Has Lowered Expectations for Bumble (NASDAQ:BMBL) Stock Price

Bumble (NASDAQ:BMBL) had its price objective trimmed by JPMorgan Chase & Co. from $8.00 to $7.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on BMBL. Royal Bank of Canada dropped their price target on Bumble from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday. Citigroup cut their target price on shares of Bumble from $8.00 to $6.80 and set a “neutral” rating on the stock in a research report on Wednesday. Evercore ISI dropped 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 note on Wednesday. Stifel Nicolaus reduced their price objective on shares of Bumble from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Wolfe Research lowered Bumble from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. One investment 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $8.18.

Bumble Stock Performance

Bumble stock opened at $5.64 on Wednesday. Bumble has a fifty-two week low of $4.80 and a fifty-two week high of $13.56. The company has a market capitalization of $610.14 million, a PE ratio of -1.15 and a beta of 1.70. The company has a 50 day moving average price of $7.98 and a 200-day moving average price of $7.43. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.09 and a current ratio of 2.09.

Hedge Funds Weigh In On Bumble

Several hedge funds and other institutional investors have recently modified their holdings of BMBL. Principal Financial Group Inc. acquired a new position in Bumble during the 3rd quarter valued at approximately $911,000. Victory Capital Management Inc. lifted its stake in shares of Bumble by 470.7% during the third quarter. Victory Capital Management Inc. now owns 250,025 shares of the company’s stock worth $1,595,000 after buying an additional 206,215 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Bumble by 2.1% during the third quarter. JPMorgan Chase & Co. now owns 131,854 shares of the company’s stock valued at $841,000 after buying an additional 2,760 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Bumble by 11.3% in the 3rd quarter. Franklin Resources Inc. now owns 62,328 shares of the company’s stock valued at $421,000 after acquiring an additional 6,325 shares during the period. Finally, Creative Planning raised its stake in Bumble by 437.5% in the 3rd quarter. Creative Planning now owns 54,055 shares of the company’s stock worth $345,000 after acquiring an additional 43,998 shares during the last quarter. 94.85% of the stock is owned by hedge funds and other institutional investors.

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.