Bumble (NASDAQ:BMBL) Given New $8.00 Price Target at Royal Bank of Canada

Bumble (NASDAQ:BMBL) had its price objective trimmed by Royal Bank of Canada from $16.00 to $8.00 in a report issued on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Other analysts have also recently issued research reports about the company. Wells Fargo & Company cut their target price on Bumble from $10.00 to $7.00 and set an equal weight rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered Bumble from an overweight rating to a neutral rating and dropped their price target for the company from $17.00 to $7.00 in a research note on Thursday. Piper Sandler dropped their price target on Bumble from $13.00 to $7.00 and set a neutral rating for the company in a research note on Thursday. Deutsche Bank Aktiengesellschaft dropped their price target on Bumble from $11.00 to $7.00 and set a hold rating for the company in a research note on Thursday. Finally, Wolfe Research began coverage on Bumble in a research note on Tuesday, July 16th. They set an outperform rating and a $14.00 price target for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $9.91.

Bumble Stock Performance

BMBL traded up $0.27 during midday trading on Thursday, reaching $5.98. The company had a trading volume of 8,717,618 shares, compared to its average volume of 3,150,074. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average of $9.66 and a two-hundred day moving average of $10.98. The company has a market cap of $754.67 million, a P/E ratio of 35.18 and a beta of 1.70. Bumble has a 1 year low of $4.80 and a 1 year high of $17.31.

Bumble (NASDAQ:BMBL) last released its earnings results on Wednesday, August 7th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.07. Bumble had a return on equity of 0.92% and a net margin of 2.04%. The firm had revenue of $268.60 million during the quarter, compared to analysts’ expectations of $273.04 million. During the same quarter last year, the business posted $0.05 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. As a group, equities research analysts predict that Bumble will post 0.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ann Mather sold 7,492 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $11.41, for a total transaction of $85,483.72. Following the completion of the sale, the director now directly owns 29,030 shares of the company’s stock, valued at approximately $331,232.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BMBL. Headlands Technologies LLC increased its holdings in Bumble by 98.6% during the 4th quarter. Headlands Technologies LLC now owns 2,200 shares of the company’s stock worth $32,000 after purchasing an additional 1,092 shares during the period. Innealta Capital LLC purchased a new position in Bumble during the 2nd quarter worth $64,000. EverSource Wealth Advisors LLC increased its holdings in Bumble by 73.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 5,210 shares of the company’s stock worth $77,000 after purchasing an additional 2,210 shares during the period. Meeder Asset Management Inc. purchased a new position in Bumble during the 2nd quarter worth $82,000. Finally, nVerses Capital LLC increased its holdings in Bumble by 128.3% during the 2nd quarter. nVerses Capital LLC now owns 12,100 shares of the company’s stock worth $127,000 after purchasing an additional 6,800 shares during the period. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

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.