Royal Bank of Canada Cuts Bumble (NASDAQ:BMBL) Price Target to $7.00

Bumble (NASDAQ:BMBL) had its price objective cut by Royal Bank of Canada from $8.00 to $7.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also recently issued reports on the company. The Goldman Sachs Group boosted their target price on Bumble from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler reduced 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 reduced their price target on Bumble from $8.00 to $6.80 and set a “neutral” rating on the stock in a research report on Wednesday. Wells Fargo & Company reduced their price target on Bumble from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Wolfe Research lowered Bumble from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $8.05.

Bumble Stock Down 4.7 %

Shares of NASDAQ:BMBL opened at $5.21 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.09 and a current ratio of 2.09. Bumble has a 1 year low of $4.80 and a 1 year high of $13.36. The stock has a market capitalization of $564.06 million, a P/E ratio of -1.07 and a beta of 1.70. The stock has a 50-day simple moving average of $7.86 and a 200-day simple moving average of $7.40.

Hedge Funds Weigh In On Bumble

Several large investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its stake in Bumble by 25.5% during the fourth quarter. Ameriprise Financial Inc. now owns 6,382,478 shares of the company’s stock worth $51,953,000 after purchasing an additional 1,298,630 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Bumble by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,965,283 shares of the company’s stock worth $32,279,000 after purchasing an additional 22,136 shares during the last quarter. RPD Fund Management LLC bought a new position in Bumble during the fourth quarter worth $30,940,000. Geode Capital Management LLC lifted its stake in Bumble by 0.6% during the third quarter. Geode Capital Management LLC now owns 2,330,678 shares of the company’s stock worth $14,872,000 after purchasing an additional 14,889 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Bumble by 3.5% during the fourth quarter. Northern Trust Corp now owns 950,014 shares of the company’s stock worth $7,733,000 after purchasing an additional 32,353 shares during the last quarter. 94.85% of the stock is currently owned by 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.