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

Key Points

• Blackstone Holdings sold 3.77 million Bumble shares at an average price of $2.94, generating $11.08 million and 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 15.2% year-over-year revenue decline and a larger-than-expected quarterly EPS loss.
• Analyst sentiment is largely negative: 15 analysts rate Bumble a Hold, two rate it Sell, and one rates it Buy, with an average “Reduce” rating and a consensus price target of $3.87.

Bumble Inc. (NASDAQ:BMBL - Get Free Report) major shareholder Holdings Gp Man Blackstone III sold 3,767,776 shares of the stock in a transaction 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 transaction, the insider directly owned 16,120 shares of the company's stock, valued at approximately $47,392.80. This trade represents a 99.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Bumble Stock Performance

BMBL traded up $0.06 during trading hours on Wednesday, hitting $2.62. The stock had a trading volume of 2,836,122 shares, compared to its average volume of 3,363,300. The stock has a market cap of $346.42 million, a PE ratio of -0.62 and a beta of 1.86. 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 company's fifty day simple moving average is $2.83 and its 200 day simple moving average is $3.17. Bumble Inc. has a 1 year low of $2.49 and a 1 year high of $6.21.

Bumble (NASDAQ:BMBL - Get Free Report) last posted its quarterly earnings results 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 negative net margin of 58.99% and a positive return on equity of 35.88%. The business had revenue of $210.53 million during the quarter, compared to the consensus estimate of $210.46 million. During the same period last year, the firm earned ($2.45) EPS. The business's revenue for the quarter was down 15.2% on a year-over-year basis. Equities analysts anticipate that Bumble Inc. will post -0.08 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the company. UBS Group cut their target price on Bumble from $4.50 to $3.00 and set a "neutral" rating for the company in a research note on Wednesday, August 12th. The Goldman Sachs Group decreased their price target on Bumble from $5.00 to $3.50 and set a "neutral" rating on the stock in a research report on Thursday, August 6th. Wells Fargo & Company lowered their price target on shares of Bumble from $5.00 to $4.00 and set an "equal weight" rating on the stock in a report on Friday, August 7th. Weiss Ratings reissued a "sell (e+)" rating on shares of Bumble in a report on Tuesday, August 4th. Finally, Wall Street Zen lowered shares of 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 issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $3.87.

Hedge Funds Weigh In On Bumble

Institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC lifted its holdings in shares of Bumble by 10.1% during the 2nd quarter. Headlands Technologies LLC now owns 51,703 shares of the company's stock worth $165,000 after acquiring an additional 4,746 shares during the last quarter. L2 Asset Management LLC purchased a new stake in Bumble during the second quarter valued at about $42,000. Globeflex Capital L P bought a new stake in Bumble during the second quarter worth about $70,000. Accel Growth Fund V Associates L.L.C. bought a new stake in Bumble during the second quarter worth about $16,174,499. Finally, Bank of New York Mellon Corp purchased a new position in shares of Bumble in the 2nd quarter worth about $1,035,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.