Insider Selling: Bumble (NASDAQ:BMBL) Major Shareholder Sells $11,077,261.44 in Stock

Bumble Inc. (NASDAQ:BMBL) major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the stock in a transaction dated Monday, September 28th. The stock was 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 $47,392.80. This trade represents a 99.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Bumble Trading Up 2.1%

Shares of NASDAQ:BMBL traded up $0.06 during trading hours on Wednesday, hitting $2.62. 2,836,122 shares of the company’s stock traded hands, compared to its average volume of 3,363,300. The firm has a market capitalization of $346.42 million, a P/E ratio of -0.62 and a beta of 1.86. The business has a fifty day moving average price of $2.83 and a 200-day moving average price of $3.17. Bumble Inc. has a 1 year low of $2.49 and a 1 year high of $6.21. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.62 and a quick ratio of 1.62.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BMBL. Wall Street Zen lowered Bumble from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Raymond James Financial restated a “market perform” rating on shares of Bumble in a report on Thursday, June 25th. Susquehanna reduced their price target on shares of Bumble from $3.50 to $3.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Bumble in a research note on Tuesday, August 4th. Finally, UBS Group decreased their price objective on shares of Bumble from $4.50 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $3.87.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. HB Wealth Management LLC bought a new stake in Bumble during the 1st quarter valued at $34,000. L2 Asset Management LLC bought a new position in shares of Bumble during the 2nd quarter worth $42,000. R Squared Ltd bought a new position in shares of Bumble during the 1st quarter worth $48,000. Abel Hall LLC increased its stake in shares of Bumble by 49.4% during the first quarter. Abel Hall LLC now owns 17,530 shares of the company’s stock valued at $57,000 after buying an additional 5,793 shares during the period. Finally, Chicago Partners Investment Group LLC purchased a new position in shares of Bumble during the first quarter valued at $63,000. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

About Bumble

Bumble Inc operates a global online dating and social networking platform. Its flagship Bumble app is designed to help people form romantic relationships, with features that encourage women to make the first move in heterosexual matches. The platform also supports same-sex and other types of connections.

The company’s products have included Bumble Date for dating, Bumble BFF for friendship connections and Bumble Bizz for professional networking. Bumble has also introduced features intended to support users in building communities and maintaining meaningful relationships, including its Bumble For Friends offering.

Bumble was founded in 2014 by Whitney Wolfe Herd, who previously helped establish Tinder.