Bumble (NASDAQ:BMBL) Given New $7.00 Price Target at Royal Bank of Canada

Bumble (NASDAQ:BMBL - Get Free Report) had its price target dropped by Royal Bank of Canada from $8.00 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank of Canada's target price suggests a potential upside of 34.25% from the company's current price.

BMBL has been the subject of several other reports. Wolfe Research cut shares of Bumble from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. Morgan Stanley increased their price target on shares of Bumble from $7.50 to $8.00 and gave the stock an "equal weight" rating in a report on Monday, January 13th. Wells Fargo & Company cut their price target on shares of Bumble from $8.00 to $7.00 and set an "equal weight" rating for the company in a report on Wednesday. Citigroup cut their price target on shares of Bumble from $8.00 to $6.80 and set a "neutral" rating for the company in a report on Wednesday. Finally, Evercore ISI cut their price target on shares of Bumble from $8.00 to $7.00 and set an "in-line" rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, Bumble currently has an average rating of "Hold" and an average target price of $8.05.

Bumble Stock Performance

Shares of NASDAQ:BMBL traded down $0.26 on Wednesday, reaching $5.21. The company's stock had a trading volume of 6,777,262 shares, compared to its average volume of 3,074,469. The stock's 50-day moving average is $7.92 and its two-hundred day moving average is $7.42. Bumble has a 52-week low of $4.80 and a 52-week high of $13.36. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a market capitalization of $564.05 million, a P/E ratio of -1.07 and a beta of 1.70.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC purchased a new position in Bumble during the fourth quarter valued at approximately $56,000. Tower Research Capital LLC TRC grew its position in Bumble by 20.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,400 shares of the company's stock worth $60,000 after acquiring an additional 1,249 shares in the last quarter. SG Americas Securities LLC bought a new stake in Bumble in the third quarter worth approximately $71,000. Capital Management Associates Inc bought a new stake in Bumble in the third quarter worth approximately $74,000. Finally, D.A. Davidson & CO. bought a new stake in Bumble in the third quarter worth approximately $77,000. 94.85% of the stock is 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.