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

Key Points

• Bumble’s major shareholder sold 3.77 million shares for approximately $11.1 million at an average price of $2.94, reducing its position by 99.57% to 16,120 shares.
• Bumble shares traded near their 52-week low at $2.62, while the company reported a quarterly loss of $0.84 per share and a 15.2% year-over-year revenue decline to $210.5 million.
• Analyst sentiment remains weak: Bumble has a consensus “Reduce” rating, with 15 Hold, two Sell and one Buy ratings, and a consensus price target of $3.87.

Bumble Inc. (NASDAQ:BMBL - Get Free Report) major shareholder - Nq L.L.C. Btoa sold 3,767,776 shares of the firm'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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Bumble Stock Performance

Shares of BMBL stock traded up $0.06 during trading hours on Wednesday, reaching $2.62. 2,836,122 shares of the company's stock were exchanged, compared to its average volume of 3,363,300. Bumble Inc. has a fifty-two week low of $2.49 and a fifty-two week high of $6.21. The stock 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. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.65.

Bumble (NASDAQ:BMBL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.84) earnings per share (EPS) 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 company had revenue of $210.53 million during the quarter, compared to analyst estimates of $210.46 million. During the same quarter in the previous year, the business posted ($2.45) EPS. The company's revenue was down 15.2% on a year-over-year basis. Analysts predict that Bumble Inc. will post -0.08 EPS for the current fiscal year.

Analyst Ratings Changes

BMBL has been the subject of several research reports. UBS Group reduced their target price on shares of Bumble from $4.50 to $3.00 and set a "neutral" rating for the company in a research note on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Bumble in a report on Tuesday, August 4th. Susquehanna reduced their price objective on Bumble from $3.50 to $3.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. Raymond James Financial reissued a "market perform" rating on shares of Bumble in a report on Thursday, June 25th. Finally, Wall Street Zen cut Bumble from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Bumble has a consensus rating of "Reduce" and a consensus price target of $3.87.

Hedge Funds Weigh In On Bumble

A number of hedge funds and other institutional investors have recently made changes to their positions in BMBL. HB Wealth Management LLC acquired a new stake in shares of Bumble during the 1st quarter valued at about $34,000. L2 Asset Management LLC acquired a new position in Bumble in the second quarter worth about $42,000. R Squared Ltd acquired a new position in Bumble in the first quarter worth about $48,000. Abel Hall LLC lifted its stake in Bumble by 49.4% during the first quarter. Abel Hall LLC now owns 17,530 shares of the company's stock worth $57,000 after purchasing an additional 5,793 shares during the period. Finally, Chicago Partners Investment Group LLC bought a new position in Bumble during the first quarter worth about $63,000. 94.85% of the stock is owned by institutional investors.

Bumble Company Profile

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.

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