J.P. Morgan Securities upgraded Bumble to "overweight" from "neutral"
Bumble Inc (NASDAQ:BMBL) is surging today, last seen up 11.7% at $37.13, after the online dating stock earned an upgrade from J.P. Morgan Securities to "overweight" from "neutral." The firm's $55 price target implies a more than 65% upside to the stock's last close, with the analyst noting Bumble's
third-quarter earnings miss is overshadowing strength in app downloads, with app payers expected to "meaningfully" increase in the coming quarters.
Bumble stock has plummeted on the charts over the last few weeks, culminating in a record low of $30.10 on Dec. 3. Today's pop has BMBL poised to reclaim its 10-day moving average for the first time since late October. Quarter-to-date, Bumble stock remains down a hefty 25.3%.
Short sellers keep piling on. Short interest is up 6.2% in the most recent report period, and the 7.14 million shares sold short account for 5.6% of the stock's available float. At the stock's average pace of trading, it would take shorts three-and-a-half days to buy back their bearish bets; a modest amount of buying power that could fuel an unwind.