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

Bumble Inc. (NASDAQ:BMBL) shares were down 5.3% during trading 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.

Other equities analysts also recently issued research reports about the company. Wells Fargo & Company cut their price objective on Bumble from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 19th. Citigroup reduced their price target on shares of Bumble from $8.00 to $6.80 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Morgan Stanley lowered 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. Wolfe Research downgraded shares of Bumble from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Susquehanna decreased their price target on shares of Bumble from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $7.25.

Hedge Funds Weigh In On Bumble

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. bought a new stake in shares of Bumble in the 3rd quarter valued at about $911,000. Los Angeles Capital Management LLC acquired a new stake in Bumble in the third quarter valued at approximately $181,000. Victory Capital Management Inc. grew its holdings in Bumble by 470.7% in the third quarter. Victory Capital Management Inc. now owns 250,025 shares of the company’s stock worth $1,595,000 after purchasing an additional 206,215 shares during the last quarter. Factorial Partners LLC acquired a new position in shares of Bumble during the third quarter worth $185,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Bumble during the 3rd quarter valued at $203,000. Hedge funds and other institutional investors own 94.85% of the company’s stock.

Bumble Price Performance

The stock has a 50-day moving average price of $6.82 and a two-hundred day moving average price of $7.23. 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 stock has a market cap of $486.57 million, a price-to-earnings ratio of -0.94 and a beta of 1.77.

Bumble Company Profile

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.