Bumble (NASDAQ:BMBL) Sees Large Volume Increase Following Strong Earnings

Bumble Inc. (NASDAQ:BMBL) saw unusually-strong trading volume on Wednesday following a better than expected earnings announcement. Approximately 3,235,017 shares traded hands during trading, an increase of 36% from the previous session’s volume of 2,370,515 shares.The stock last traded at $13.89 and had previously closed at $13.42.

The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.07 by $0.05. The company had revenue of $275.50 million for the quarter, compared to analysts’ expectations of $277.00 million. Bumble had a positive return on equity of 1.82% and a negative net margin of 8.94%. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.14 earnings per share.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. The Goldman Sachs Group decreased their price target on Bumble from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday. Bank of America reiterated a “neutral” rating and issued a $17.00 price target on shares of Bumble in a report on Thursday, October 19th. Morgan Stanley decreased their price target on Bumble from $22.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. decreased their price target on Bumble from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, HSBC assumed coverage on Bumble in a report on Tuesday, September 26th. They issued a “buy” rating and a $20.30 price target on the stock. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Bumble has a consensus rating of “Moderate Buy” and a consensus price target of $22.35.

Hedge Funds Weigh In On Bumble

Several institutional investors have recently modified their holdings of BMBL. Raymond James & Associates lifted its holdings in shares of Bumble by 23.5% during the 1st quarter. Raymond James & Associates now owns 88,080 shares of the company’s stock valued at $2,553,000 after purchasing an additional 16,777 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Bumble during the 1st quarter valued at about $491,000. Bank of Montreal Can bought a new position in shares of Bumble during the 1st quarter valued at about $295,000. Allianz Asset Management GmbH lifted its holdings in shares of Bumble by 43.8% during the 1st quarter. Allianz Asset Management GmbH now owns 15,316 shares of the company’s stock valued at $444,000 after purchasing an additional 4,662 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Bumble by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 7,285,122 shares of the company’s stock valued at $211,123,000 after purchasing an additional 68,604 shares in the last quarter. Institutional investors own 94.85% of the company’s stock.

Bumble Price Performance

The firm has a market cap of $1.89 billion, a P/E ratio of -20.61 and a beta of 1.86. The company has a fifty day moving average price of $14.55 and a two-hundred day moving average price of $16.35. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 0.42.

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 two apps, Bumble and Badoo with approximately 40 million users on monthly basis, as well as Fruitz, an online dating app.