Hsbc Holdings PLC Purchases 17,888 Shares of Bumble Inc. (NASDAQ:BMBL)

Hsbc Holdings PLC lifted its position in Bumble Inc. (NASDAQ:BMBL) by 41.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 60,678 shares of the company’s stock after buying an additional 17,888 shares during the period. Hsbc Holdings PLC’s holdings in Bumble were worth $631,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Bumble by 6.0% in the first quarter. Vanguard Group Inc. now owns 10,822,610 shares of the company’s stock valued at $122,837,000 after acquiring an additional 613,759 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Bumble in the first quarter valued at about $937,000. Duality Advisers LP purchased a new position in Bumble in the first quarter valued at about $1,049,000. Goldman Sachs Group Inc. grew its stake in Bumble by 12.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,589,176 shares of the company’s stock valued at $52,904,000 after purchasing an additional 397,741 shares during the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in Bumble in the first quarter valued at about $1,378,000. 94.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on BMBL. Royal Bank of Canada cut their target price on Bumble from $16.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Wells Fargo & Company cut their target price on Bumble from $10.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. BTIG Research lowered Bumble from a “buy” rating to a “neutral” rating in a research note on Thursday, August 8th. Bank of America lowered Bumble from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $12.00 to $5.50 in a research note on Thursday, August 8th. Finally, KeyCorp lowered Bumble from an “overweight” rating to a “sector weight” rating in a research note on Friday. 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $8.50.

Bumble Price Performance

Shares of NASDAQ BMBL opened at $6.38 on Tuesday. The business’s 50 day moving average price is $6.94 and its 200 day moving average price is $9.34. The firm has a market cap of $805.15 million, a P/E ratio of 37.53 and a beta of 1.66. Bumble Inc. has a 52 week low of $4.80 and a 52 week high of $15.90. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.45.

Bumble (NASDAQ:BMBL) last issued its earnings results on Wednesday, August 7th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.07. Bumble had a return on equity of 1.82% and a net margin of 3.93%. The firm had revenue of $268.60 million for the quarter, compared to analyst estimates of $273.04 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. Bumble’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side analysts expect that Bumble Inc. will post 0.83 earnings per share for the current year.

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.