Bumble (NASDAQ:BMBL) Stock Price Down 5.3% on Analyst Downgrade

Bumble Inc. (NASDAQ:BMBL)’s stock price dropped 5.3% on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $10.00 to $8.00. The Goldman Sachs Group currently has a buy rating on the stock. Bumble traded as low as $4.74 and last traded at $4.75. Approximately 383,231 shares traded hands during trading, a decline of 87% from the average daily volume of 2,987,601 shares. The stock had previously closed at $5.01.

A number of other equities analysts also recently commented on the stock. Citigroup cut their price objective on shares of Bumble from $8.00 to $6.80 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. Piper Sandler cut their price objective on shares of Bumble from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. JPMorgan Chase & Co. cut their price objective on shares of Bumble from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. Morgan Stanley cut their price objective on shares of Bumble from $8.00 to $6.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Finally, Wells Fargo & Company cut their price objective on shares of Bumble from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Bumble presently has a consensus rating of “Hold” and a consensus target price of $7.25.

Hedge Funds Weigh In On Bumble

A number of large investors have recently made changes to their positions in the stock. Empowered Funds LLC purchased a new position in Bumble during the 4th quarter valued at about $187,000. Principal Financial Group Inc. purchased a new position in Bumble during the 3rd quarter valued at about $911,000. Victory Capital Management Inc. increased its holdings in Bumble by 470.7% during the 3rd quarter. Victory Capital Management Inc. now owns 250,025 shares of the company’s stock valued at $1,595,000 after acquiring an additional 206,215 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Bumble by 2.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 131,854 shares of the company’s stock valued at $841,000 after acquiring an additional 2,760 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Bumble during the 4th quarter valued at about $189,000. Hedge funds and other institutional investors own 94.85% of the company’s stock.

Bumble Price Performance

The company’s 50 day simple moving average is $6.76 and its 200-day simple moving average is $7.21. 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 $495.01 million, a price-to-earnings ratio of -0.96 and a beta of 1.77.

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.