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Bumble Plunges After Several Brokerages Lower Price Targets

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By Dhirendra Tripathi

Investing.com – Bumble (NASDAQ:BMBL) shares fell 11% with as many as four brokerages lowering their price targets for the dating app company on the same day.

The uptick in revenue guided by the company didn’t impress analysts at Jefferies (NYSE:JEF) and Stifel, though both kept their buy ratings for the stock.

Jefferies analyst Brent Thill lowered the price target to $65, while Stifel’s John Egbert now sees it at $66.

Bumble has guided for annual revenue in the range of $724 million to $734 million and adjusted earnings before interest, taxes, depreciation and amortization to come between $177 million and $182 million.

Revenue in 2020 was $582.2 million while adjusted Ebitda came in at $152.5 million.

The drop in Bumble’s share price dragged rival Match (NASDAQ:MTCH) down more than 3%.

Goldman Sachs (NYSE:GS) analyst Michael Ng set a $47 price target for Bumble, and the stock is already more than 5% below that. The analyst maintained his neutral rating.

Susquehanna analyst Shyam Patil lowered the target to $70 while maintaining a positive rating for the stock.

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