Bumble (NASDAQ:BMBL) Stock Price Up 9.8% – Here’s Why

Shares of Bumble Inc. (NASDAQ:BMBL) were up 9.8% on Monday . The stock traded as high as $9.04 and last traded at $8.98. Approximately 552,182 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 3,074,187 shares. The stock had previously closed at $8.18.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BMBL shares. Piper Sandler restated a “neutral” rating and set a $8.00 target price (up from $7.00) on shares of Bumble in a research report on Thursday, November 7th. Hsbc Global Res cut Bumble from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 9th. Morgan Stanley reduced their price objective on Bumble from $12.00 to $6.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Bank of America lowered Bumble from a “buy” rating to an “underperform” rating and dropped their target price for the company from $12.00 to $5.50 in a report on Thursday, August 8th. Finally, BTIG Research cut Bumble from a “buy” rating to a “neutral” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.38.

Bumble Price Performance

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’s 50-day moving average price is $7.20 and its 200-day moving average price is $8.40.

Hedge Funds Weigh In On Bumble

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new position in shares of Bumble during the 2nd quarter worth approximately $64,000. Meeder Asset Management Inc. acquired a new position in shares of Bumble in the 2nd quarter valued at $82,000. Headlands Technologies LLC acquired a new stake in shares of Bumble during the 2nd quarter worth $94,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Bumble in the 2nd quarter worth $111,000. Finally, SG Americas Securities LLC acquired a new position in Bumble in the third quarter valued at $71,000. Institutional investors and hedge funds 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.