Morgan Stanley Cuts Bumble (NASDAQ:BMBL) Price Target to $6.00

Bumble (NASDAQ:BMBL) had its price objective decreased by Morgan Stanley from $8.00 to $6.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other research analysts have also issued reports on the company. Wolfe Research lowered Bumble from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Royal Bank of Canada cut 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. Citigroup cut their target price on Bumble from $8.00 to $6.80 and set a “neutral” rating on the stock in a research report on Wednesday, February 19th. Susquehanna dropped their price target on Bumble from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, March 7th. Finally, Wells Fargo & Company lowered their target price on Bumble from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. One 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. Based on data from MarketBeat, Bumble currently has an average rating of “Hold” and a consensus price target of $7.39.

Bumble Price Performance

BMBL stock opened at $4.82 on Wednesday. Bumble has a 52-week low of $4.58 and a 52-week high of $12.49. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $508.73 million, a PE ratio of -0.99 and a beta of 1.77. The stock’s 50 day moving average is $6.95 and its two-hundred day moving average is $7.25.

Institutional Trading of Bumble

Several hedge funds have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC purchased a new position in shares of Bumble during the fourth quarter valued at about $56,000. Tower Research Capital LLC TRC lifted its position in Bumble by 20.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,400 shares of the company’s stock valued at $60,000 after purchasing an additional 1,249 shares during the period. Canada Pension Plan Investment Board lifted its position in Bumble by 56.3% during the fourth quarter. Canada Pension Plan Investment Board now owns 11,100 shares of the company’s stock valued at $90,000 after purchasing an additional 4,000 shares during the period. Corient Private Wealth LLC bought a new position in Bumble during the fourth quarter valued at approximately $97,000. Finally, Wexford Capital LP bought a new position in Bumble during the fourth quarter valued at approximately $98,000. 94.85% of the stock is owned by 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.