Bumble (NASDAQ:BMBL) Stock: Insider Buzz Holdings L.P. Bcp Sells 3,767,776 Shares

Key Points

• Major shareholder Buzz Holdings L.P. sold 3.77 million Bumble shares for approximately $11.1 million at an average price of $2.94, reducing its ownership by 99.57% to 16,120 shares.
• Bumble shares traded near $2.62, close to their 52-week low of $2.49, 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: 15 analysts rate Bumble a Hold, two rate it a Sell and one rates it a Buy, with an average price target of $3.87 versus the reported trading price.

Bumble Inc. (NASDAQ:BMBL - Get Free Report) major shareholder Buzz Holdings L.P. Bcp sold 3,767,776 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $47,392.80. This represents a 99.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Bumble Stock Performance

NASDAQ:BMBL traded up $0.06 during trading hours on Wednesday, reaching $2.62. 2,836,024 shares of the stock were exchanged, compared to its average volume of 3,363,299. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.65. The firm has a 50 day simple moving average of $2.83 and a 200-day simple moving average of $3.17. Bumble Inc. has a 52 week low of $2.49 and a 52 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.

Bumble (NASDAQ:BMBL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.84) earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($1.09). Bumble had a negative net margin of 58.99% and a positive return on equity of 35.88%. The firm had revenue of $210.53 million during the quarter, compared to the consensus estimate of $210.46 million. During the same quarter last year, the firm posted ($2.45) earnings per share. Bumble's revenue was down 15.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Bumble Inc. will post -0.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BMBL shares. The Goldman Sachs Group lowered their price objective on shares of Bumble from $5.00 to $3.50 and set a "neutral" rating for the company in a research report on Thursday, August 6th. Susquehanna decreased their target price on Bumble from $3.50 to $3.00 and set a "neutral" rating for the company in a research note on Friday, August 7th. UBS Group lowered their target price on Bumble from $4.50 to $3.00 and set a "neutral" rating for the company in a report on Wednesday, August 12th. Weiss Ratings reissued a "sell (e+)" rating on shares of Bumble in a report on Tuesday, August 4th. Finally, Wells Fargo & Company reduced their price objective on Bumble from $5.00 to $4.00 and set an "equal weight" rating for the company in a research report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Reduce" and an average price target of $3.87.

Institutional Investors Weigh In On Bumble

A number of hedge funds have recently made changes to their positions in BMBL. Accel Growth Fund V Associates L.L.C. bought a new position in Bumble in the 2nd quarter worth approximately $16,174,499. Renaissance Technologies LLC raised its stake in Bumble by 48.6% during the 1st quarter. Renaissance Technologies LLC now owns 4,213,887 shares of the company's stock valued at $13,737,000 after acquiring an additional 1,378,487 shares in the last quarter. Bank of America Corp DE boosted its position in Bumble by 16.7% during the 1st quarter. Bank of America Corp DE now owns 1,914,553 shares of the company's stock worth $6,241,000 after acquiring an additional 274,548 shares during the period. RBF Capital LLC grew its stake in shares of Bumble by 86.9% in the first quarter. RBF Capital LLC now owns 967,372 shares of the company's stock worth $3,154,000 after purchasing an additional 449,866 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new position in shares of Bumble in the first quarter worth $2,039,000. Institutional investors own 94.85% of the company's stock.

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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