Bumble (NASDAQ:BMBL) Announces Earnings Results

Bumble (NASDAQ:BMBL) released its earnings results on Wednesday. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.12, Briefing.com reports. Bumble had a negative return on equity of 0.17% and a negative net margin of 0.40%. The business had revenue of $267.80 million during the quarter, compared to the consensus estimate of $265.41 million. During the same period last year, the business posted ($0.01) earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Bumble updated its Q2 2024 guidance to EPS and its FY 2024 guidance to EPS.

Bumble Stock Up 12.1 %

Shares of BMBL traded up $1.24 during midday trading on Thursday, hitting $11.51. 6,965,197 shares of the company’s stock traded hands, compared to its average volume of 2,953,224. Bumble has a 1 year low of $9.83 and a 1 year high of $21.06. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -364.67, a price-to-earnings-growth ratio of 0.28 and a beta of 1.67. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.44. The firm’s fifty day moving average is $10.71 and its 200-day moving average is $12.85.

Analyst Ratings Changes

A number of brokerages have issued reports on BMBL. Susquehanna cut their price target on shares of Bumble from $17.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, February 29th. Piper Sandler restated a “neutral” rating and issued a $13.00 price target (down previously from $14.00) on shares of Bumble in a research note on Wednesday, February 28th. Royal Bank of Canada reissued an “outperform” rating and set a $16.00 price target on shares of Bumble in a report on Wednesday, February 28th. KeyCorp dropped their price target on shares of Bumble from $18.00 to $16.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Bumble from $15.00 to $13.00 and set a “hold” rating on the stock in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.05.

Insider Activity at Bumble

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the firm’s stock in a transaction dated Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total value of $27,853,407.60. Following the completion of the transaction, the insider now directly owns 12,802 shares in the company, valued at $142,102.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 7.84% of the stock is currently owned by insiders.

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.