Wells Fargo & Company Has Lowered Expectations for Bumble (NASDAQ:BMBL) Stock Price

Bumble (NASDAQ:BMBL) had its price objective decreased by Wells Fargo & Company from $7.00 to $5.00 in a research report released on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada decreased their price objective on shares of Bumble from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Piper Sandler decreased their price target on shares of Bumble from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. JPMorgan Chase & Co. cut their price objective on Bumble from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 19th. Morgan Stanley decreased their target price on Bumble from $8.00 to $6.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Finally, Citigroup dropped their target price on Bumble from $8.00 to $6.80 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.12.

Bumble Trading Down 8.1 %

BMBL traded down $0.34 during midday trading on Wednesday, hitting $3.82. The company’s stock had a trading volume of 690,056 shares, compared to its average volume of 3,110,973. The firm has a market cap of $403.61 million, a P/E ratio of -0.78 and a beta of 1.77. Bumble has a 52-week low of $3.55 and a 52-week high of $12.49. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.75. The firm has a 50-day moving average price of $5.58 and a two-hundred day moving average price of $6.95.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BMBL. Ameriprise Financial Inc. increased its stake in shares of Bumble by 25.5% in the fourth quarter. Ameriprise Financial Inc. now owns 6,382,478 shares of the company’s stock valued at $51,953,000 after purchasing an additional 1,298,630 shares during the period. Dimensional Fund Advisors LP raised its stake in Bumble by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,965,283 shares of the company’s stock valued at $32,279,000 after acquiring an additional 22,136 shares in the last quarter. RPD Fund Management LLC acquired a new position in Bumble during the 4th quarter worth $30,940,000. Geode Capital Management LLC grew its stake in shares of Bumble by 0.6% in 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 in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Bumble by 3.5% in 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 in the last quarter. Institutional investors and hedge funds own 94.85% of the company’s stock.

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.