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Summary
- Bumble stock’s 52-week high price of US$84.80 is nearly double the IPO price.
- The stock rose 3.37 per cent to US$61.65 at close on Friday.
- Bumble Inc. owns two apps, Bumble and Badoo, and both are growing in popularity.
The stock of American dating app Bumble Inc. (NASDAQ:BMBL) rallied on Friday after making it to the top trending list of Yahoo and Google. The stock gained 3.37 per cent to US$61.65 at the close.
It was able to fend off steep competitions from rivals like March Group (NASDAQ:MTCH), which owns popular platforms like Match Hinge, and Tinder.
On Friday, some 3 million Bumble shares were traded on NASDAQ.
Although it has seen regular ups and downs since the launch last month, it remains a strong growth stock. Friday’s ample performance was enhanced by positive comments from Wall Street analysts.
On the day of its NASDAQ debut on February 11, the stock rallied an extraordinary 76 per cent. But despite stock fluctuations in the later period, it remained well above the initial IPO price.
Pic Credit: Pixabay.
Bumble’s Incredible Journey
The company had originally fixed the IPO price at US$37-$39 range, but later, it was increased to US$43. It sold some 50 million shares on that day, raising around US$S2.5 billion from the offering.
What makes Bumble stand out is that only female users can send the first message, which is different from its competitors like Tinder, equipped an analyst.
Match (NASDAQ:MTCH) stock was up 1.83 per cent at the close on Friday, but it declined 7 per cent in the last 30 days. Whereas, Bumble’s 52-week high price of US$84.80 is nearly double the IPO price.
Bumble Inc., the parent company, owns two apps, Bumble and Badoo, and both are growing in popularity. The new generation of users, who likes exploring new ideas and technologies, maybe finding it interesting. Bumble Inc. will announce the Q4 results on March 10, 2021.
The above constitutes a preliminary view, and any interest in stocks should be evaluated further from an investment point of view.