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Author: Alan LittleDate: 2021-03-12

Bumble (BMBL) climbs 8% as paying user numbers soar in Q1

Bumble (BMBL) shares traded 8.3% higher on Thursday after analysts raised price targets following the dating app’s strong showing in Q1. 

 

Bumble finished the quarter in the red, but the one cent per share loss trumped the Wall Street forecast of -$0.09, while revenue was healthy, rising 31% to $165.6m. 

 

There was also a notable uptick in the number of paying users, with 2.7 million people using Bumble’s services as the quarter closed, which is 32% higher than a year ago. 

 

CEO Whitney Wolfe Herd became the youngest woman to take a company public following its market debut in early February. 

 

In a statement, she said that Bumble was now focusing on international expansion and increasing its scale, while investing in its existing user base. 

 

Herd added: “Our IPO was a pivotal milestone, but we are just getting started and are excited for the next chapter of our journey.” 

 

Revenue growth was slightly lower in 2020 at +19%, compared to the 36% rise in 2019. 

 

Analysts see good things though as Cowen, Jefferies and Morgan Stanley all raised their price targets for BMBL on Thursday. 

 

Cowen’s John Blackledge offered an outperform rating on what he sees as Bumble’s premium position in the free online dating realm, and added $4 to a new $74 PT. 

 

Jefferies set a new $82 PT and reiterated a buy rating on the strength of its Q1 report. 

 

Morgan Stanley gave a higher $57 PT on the potential for revenue to soar during the next 18 months or so. 

 

Bumble shares were up on the Nasdaq on Thursday with the latest 8.3% gains pricing shares at around $68.10. 

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