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

Bumble Inc. (NASDAQ:BMBL) major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the business’s stock in a transaction dated Monday, September 28th. The stock was 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 owned 16,120 shares in the company, valued at $47,392.80. This represents a 99.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Bumble Price Performance

Bumble stock traded up $0.06 during midday trading on Wednesday, reaching $2.62. 2,836,122 shares of the stock traded hands, compared to its average volume of 3,363,300. The stock has a market cap of $346.42 million, a P/E ratio of -0.62 and a beta of 1.86. The stock’s fifty day moving average is $2.83 and its 200-day moving average is $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 Inc. has a 12 month low of $2.49 and a 12 month high of $6.21.

Bumble (NASDAQ:BMBL) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($1.09). The firm had revenue of $210.53 million during the quarter, compared to the consensus estimate of $210.46 million. Bumble had a positive return on equity of 35.88% and a negative net margin of 58.99%.The business’s revenue was down 15.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($2.45) EPS. As a group, equities research analysts anticipate that Bumble Inc. will post -0.08 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on BMBL shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Bumble in a research report on Tuesday, August 4th. Wall Street Zen downgraded shares of Bumble from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Susquehanna decreased their target price on shares of Bumble from $3.50 to $3.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. UBS Group lowered their price target on shares of Bumble from $4.50 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. Finally, The Goldman Sachs Group dropped their price target on Bumble from $5.00 to $3.50 and set a “neutral” rating for the company in a research report on Thursday, August 6th. 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. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $3.87.

Institutional Trading of Bumble

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Headlands Technologies LLC boosted its stake in Bumble by 10.1% during the second quarter. Headlands Technologies LLC now owns 51,703 shares of the company’s stock worth $165,000 after buying an additional 4,746 shares during the period. L2 Asset Management LLC bought a new position in Bumble during the second quarter valued at $42,000. Globeflex Capital L P purchased a new stake in shares of Bumble in the second quarter valued at $70,000. Accel Growth Fund V Associates L.L.C. purchased a new stake in shares of Bumble in the second quarter valued at $16,174,499. Finally, Bank of New York Mellon Corp bought a new stake in shares of Bumble in the 2nd quarter worth about $1,035,000. Hedge funds and other institutional investors own 94.85% of the company’s stock.

About Bumble

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.