Citigroup today initiated coverage of Bumble Inc (NASDAQ:BMBL) with a "buy" rating and $24 price target. The analyst in question noted the company's increasing market share and product launches, which have led to better paid user conversion. The brokerage also cited Bumble's women-first brand messaging as a "proven differentiator" in the online dating market.
The equity is up 3.1% to trade at $19.96 at last check. Shares have been testing a floor at the $19 level over the last few days, which captured an early January pullback. The 20-day moving average is still acting as pressure on the charts, and year-over-year BMBL is down 31.5%.
Calls have been more popular than usual in the options pits, per BMB's 10-day call/put volume ratio of 4.88 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than all readings from the past year.
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