Bumble (NASDAQ:BMBL) Shares Up 47.6% – Here’s What Happened

Bumble Inc. (NASDAQ:BMBL) rose 47.6% during trading on Monday. The stock traded as high as $3.08 and last traded at $3.7490. Approximately 4,508,174 shares were traded during trading, an increase of 37% from the average daily volume of 3,294,054 shares. The stock had previously closed at $2.54.

More Bumble News

Here are the key news stories impacting Bumble this week:

• Positive Sentiment: Ithaca will pay Bumble shareholders $6.05 per Class A share, representing an approximately 138% premium to Bumble’s unaffected October 9 closing price. The definitive offer explains the stock’s surge and provides a clear cash-value reference for investors. Bumble acquisition announcement
• Positive Sentiment: The take-private deal offers an exit for investors amid weak user engagement, declining paying users and a broader reset in the online-dating industry. The transaction follows months of efforts to turn around the business while removing the pressure of remaining a public company. Reuters Bumble take-private report

Analyst Ratings Changes

A number of research firms have recently issued reports on BMBL. Wall Street Zen cut shares of Bumble from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of Bumble from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. Wells Fargo & Company decreased their price objective on Bumble from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Friday, August 7th. Royal Bank Of Canada dropped their price objective on Bumble from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Friday, August 7th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Bumble in a research report on Thursday, June 25th. One analyst has rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Bumble currently has an average rating of “Reduce” and a consensus target price of $4.12.

Bumble Stock Performance

The stock has a market capitalization of $787.20 million, a P/E ratio of -1.41 and a beta of 1.88. The company’s fifty day simple moving average is $2.85 and its 200 day simple moving average is $3.13. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.65.

Bumble (NASDAQ:BMBL) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of $0.25 by ($1.09). The business had revenue of $210.53 million for the quarter, compared to analysts’ expectations of $210.46 million. Bumble had a positive return on equity of 35.88% and a negative net margin of 58.99%. The firm’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.45) EPS. As a group, sell-side analysts forecast that Bumble Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $2.94, for a total transaction of $11,077,261.44. Following the completion of the sale, the insider directly owned 16,120 shares in the company, valued at approximately $47,392.80. This represents a 99.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Holdings Gp Man Blackstone III sold 3,767,776 shares of the company’s stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $2.94, for a total value of $11,077,261.44. Following the transaction, the insider owned 16,120 shares of the company’s stock, valued at approximately $47,392.80. This represents a 99.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 15,073,811 shares of company stock valued at $44,316,003 over the last quarter. Company insiders own 15.35% of the company’s stock.

Institutional Trading of Bumble

Institutional investors and hedge funds have recently bought and sold shares of the stock. Accel Growth Fund V Associates L.L.C. purchased a new stake in shares of Bumble in the 2nd quarter worth about $16,174,499. Renaissance Technologies LLC increased its stake in Bumble by 48.6% during the 1st quarter. Renaissance Technologies LLC now owns 4,213,887 shares of the company’s stock valued at $13,737,000 after purchasing an additional 1,378,487 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Bumble by 16.7% in the first quarter. Bank of America Corp DE now owns 1,914,553 shares of the company’s stock worth $6,241,000 after buying an additional 274,548 shares in the last quarter. RBF Capital LLC grew its holdings in shares of Bumble by 86.9% during the first quarter. RBF Capital LLC now owns 967,372 shares of the company’s stock valued at $3,154,000 after buying an additional 449,866 shares during the last quarter. Finally, Pacer Advisors Inc. bought a new stake in shares of Bumble during the first quarter valued at approximately $2,039,000. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

About Bumble

Bumble Inc is a technology company that operates a portfolio of online dating and social networking platforms. Its flagship Bumble app is designed to help people make meaningful connections, including romantic relationships, friendships and professional contacts. A distinctive feature of Bumble’s dating service has historically given women greater control over initiating conversations in heterosexual matches.

The company also operates Badoo, an online dating platform with a significant international presence, and Bumble For Friends, a service focused on helping users build platonic friendships.