Wells Fargo & Company Lowers Bumble (NASDAQ:BMBL) Price Target to $7.00

Bumble (NASDAQ:BMBL) had its target price dropped by equities research analysts at Wells Fargo & Company from $8.00 to $7.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 28.32% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Piper Sandler dropped their price target on Bumble from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday. Citigroup lowered their price objective on shares of Bumble from $8.00 to $6.80 and set a “neutral” rating for the company in a research note on Wednesday. Susquehanna raised their target price on shares of Bumble from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Wolfe Research cut shares of Bumble from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, The Goldman Sachs Group increased their price objective on shares of Bumble from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bumble presently has an average rating of “Hold” and a consensus price target of $8.05.

Bumble Stock Down 3.3 %

Shares of NASDAQ:BMBL opened at $5.46 on Wednesday. The business’s 50 day moving average is $7.92 and its 200 day moving average is $7.42. The stock has a market cap of $590.12 million, a P/E ratio of -1.12 and a beta of 1.70. Bumble has a 52-week low of $4.80 and a 52-week high of $13.36. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.75.

Hedge Funds Weigh In On Bumble

Several hedge funds and other institutional investors have recently modified their holdings of BMBL. Mackenzie Financial Corp purchased a new stake in Bumble during the 4th quarter worth approximately $406,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Bumble by 26.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 231,876 shares of the company’s stock valued at $1,887,000 after buying an additional 48,207 shares during the last quarter. Wexford Capital LP purchased a new stake in shares of Bumble during the fourth quarter valued at $98,000. Two Sigma Investments LP acquired a new position in shares of Bumble in the 4th quarter valued at $476,000. Finally, RPD Fund Management LLC purchased a new position in Bumble in the 4th quarter worth $30,940,000. 94.85% of the stock is owned by hedge funds and other institutional investors.

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.