Wells Fargo & Company Cuts Bumble (NASDAQ:BMBL) Price Target to $7.00

Bumble (NASDAQ:BMBL) had its price target reduced by analysts at Wells Fargo & Company from $8.00 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 28.32% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Susquehanna increased their price target on Bumble from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Piper Sandler dropped their target price on Bumble from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday. Wolfe Research downgraded Bumble from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. The Goldman Sachs Group upped their price objective on Bumble from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley lifted their target price on shares of Bumble from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Bumble presently has a consensus rating of “Hold” and an average price target of $8.05.

Bumble Stock Down 3.3 %

NASDAQ:BMBL opened at $5.46 on Wednesday. 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 company’s fifty day moving average price is $7.92 and its 200-day moving average price is $7.42. Bumble has a 1-year low of $4.80 and a 1-year high of $13.36. The firm has a market capitalization of $590.12 million, a P/E ratio of -1.12 and a beta of 1.70.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in Bumble in the 3rd quarter worth about $71,000. Creative Planning lifted its position in shares of Bumble by 437.5% in the third quarter. Creative Planning now owns 54,055 shares of the company’s stock valued at $345,000 after acquiring an additional 43,998 shares in the last quarter. Capital Management Associates Inc acquired a new stake in shares of Bumble in the third quarter worth approximately $74,000. Westbourne Investment Advisors Inc. boosted its stake in shares of Bumble by 17.1% in the third quarter. Westbourne Investment Advisors Inc. now owns 410,811 shares of the company’s stock worth $2,621,000 after acquiring an additional 59,970 shares during the last quarter. Finally, QRG Capital Management Inc. purchased a new stake in shares of Bumble during the third quarter worth approximately $246,000. Institutional investors and hedge funds own 94.85% of the company’s stock.

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.