Bumble (NASDAQ:BMBL) Shares Gap Up After Better-Than-Expected Earnings

Bumble Inc. (NASDAQ:BMBL)’s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $10.27, but opened at $11.70. Bumble shares last traded at $10.83, with a volume of 1,676,583 shares trading hands.

The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.12. Bumble had a negative net margin of 0.40% and a negative return on equity of 0.17%. The business had revenue of $267.80 million for the quarter, compared to analysts’ expectations of $265.41 million. During the same period last year, the business earned ($0.01) EPS. The company’s revenue was up 10.3% compared to the same quarter last year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BMBL shares. Morgan Stanley started coverage on shares of Bumble in a report on Thursday, April 18th. They issued an “equal weight” rating and a $13.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of Bumble in a research report on Wednesday, February 28th. Evercore ISI increased their price objective on shares of Bumble from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Thursday. Raymond James reaffirmed a “market perform” rating on shares of Bumble in a research report on Thursday, April 4th. Finally, KeyCorp decreased their price objective on shares of Bumble from $18.00 to $16.00 and set an “overweight” rating for the company in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Bumble currently has an average rating of “Moderate Buy” and a consensus price target of $16.27.

Insiders Place Their Bets

In other Bumble news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the firm’s stock in a transaction that occurred on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the completion of the transaction, the insider now directly owns 12,802 shares of the company’s stock, valued at approximately $142,102.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 7.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bumble

Several institutional investors have recently made changes to their positions in BMBL. Headlands Technologies LLC increased its holdings in shares of Bumble by 98.6% during the 4th quarter. Headlands Technologies LLC now owns 2,200 shares of the company’s stock valued at $32,000 after purchasing an additional 1,092 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Bumble during the 3rd quarter valued at approximately $45,000. FNY Investment Advisers LLC purchased a new position in shares of Bumble during the 4th quarter valued at approximately $68,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Bumble during the 3rd quarter valued at approximately $161,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Bumble during the 4th quarter valued at approximately $162,000. 94.85% of the stock is owned by hedge funds and other institutional investors.

Bumble Stock Up 5.2 %

The business’s 50 day moving average is $10.71 and its 200-day moving average is $12.85. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -342.33, a PEG ratio of 0.28 and a beta of 1.67. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.01 and a current ratio of 2.01.

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.