Bumble (NASDAQ:BMBL) Shares Down 4.5% - Here's What Happened

Bumble Inc. (NASDAQ:BMBL - Get Free Report) shares dropped 4.5% during mid-day trading on Wednesday . The company traded as low as $8.28 and last traded at $8.25. Approximately 116,562 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 1,952,320 shares. The stock had previously closed at $8.64.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Bumble from $7.50 to $8.00 and gave the company an "equal weight" rating in a research report on Monday, January 13th. Stifel Nicolaus boosted their price objective on shares of Bumble from $6.50 to $7.00 and gave the company a "hold" rating in a research report on Thursday, November 7th. Citigroup raised their target price on Bumble from $6.00 to $8.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Wolfe Research cut Bumble from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Finally, Susquehanna increased their target price on shares of Bumble from $6.00 to $8.00 and gave the stock a "neutral" rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $8.50.

Bumble Stock Up 1.4 %

The business has a 50-day moving average price of $8.06 and a 200 day moving average price of $7.48. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.75.

Institutional Trading of Bumble

Hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. increased its stake in Bumble by 470.7% during the third quarter. Victory Capital Management Inc. now owns 250,025 shares of the company's stock worth $1,595,000 after acquiring an additional 206,215 shares during the last quarter. Principal Financial Group Inc. purchased a new position in shares of Bumble in the 3rd quarter worth approximately $911,000. Prentice Capital Management LP increased its position in shares of Bumble by 54.1% during the 3rd quarter. Prentice Capital Management LP now owns 242,844 shares of the company's stock valued at $1,549,000 after purchasing an additional 85,304 shares during the last quarter. Westbourne Investment Advisors Inc. raised its stake in shares of Bumble by 18.4% in the fourth quarter. Westbourne Investment Advisors Inc. now owns 486,446 shares of the company's stock valued at $3,960,000 after acquiring an additional 75,635 shares during the period. Finally, Creative Planning lifted its holdings in shares of Bumble by 437.5% in the 3rd quarter. Creative Planning now owns 54,055 shares of the company's stock worth $345,000 after acquiring an additional 43,998 shares during the last quarter. 94.85% of the stock is currently 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.