Bumble (NASDAQ:BMBL) Shares Gap Up – Here’s Why

Bumble Inc. (NASDAQ:BMBL) gapped up before the market opened on Friday . The stock had previously closed at $7.83, but opened at $8.50. Bumble shares last traded at $7.82, with a volume of 1,294,491 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BMBL. KeyCorp cut Bumble from an “overweight” rating to a “sector weight” rating in a report on Friday, September 27th. Piper Sandler reiterated a “neutral” rating and set a $8.00 price objective (up previously from $7.00) on shares of Bumble in a research report on Thursday, November 7th. Morgan Stanley lifted their price target on Bumble from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Monday. Stifel Nicolaus lifted their target price on Bumble from $6.50 to $7.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group upped their target price on Bumble from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Bumble currently has an average rating of “Hold” and a consensus price target of $8.50.

Bumble Stock Performance

The firm has a fifty day moving average price of $8.16 and a 200 day moving average price of $7.66. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.09 and a current ratio of 2.09. The stock has a market cap of $837.85 million, a PE ratio of -1.58 and a beta of 1.70.

Institutional Investors Weigh In On Bumble

A number of large investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Bumble by 2.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 131,854 shares of the company’s stock worth $841,000 after purchasing an additional 2,760 shares in the last quarter. Ensign Peak Advisors Inc grew its stake in Bumble by 9.1% during the 2nd quarter. Ensign Peak Advisors Inc now owns 57,349 shares of the company’s stock valued at $603,000 after purchasing an additional 4,800 shares during the last quarter. nVerses Capital LLC increased its holdings in shares of Bumble by 47.9% in the third quarter. nVerses Capital LLC now owns 17,900 shares of the company’s stock valued at $114,000 after purchasing an additional 5,800 shares during the period. Franklin Resources Inc. raised its stake in shares of Bumble by 11.3% in the third quarter. Franklin Resources Inc. now owns 62,328 shares of the company’s stock worth $421,000 after purchasing an additional 6,325 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in shares of Bumble during the 4th quarter valued at about $56,000. Hedge funds and other institutional investors own 94.85% of the company’s stock.

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.