Online dating app Bumble, Inc. (NASDAQ: BMBL) has acquired French dating app Fruitz. It is Bumble’s first acquisition since it was founded in 2014.
Fruitz, which is popular with Gen Z, has witnessed significant growth in Canada and Europe since its launch in 2017.
Whitney Wolfe Herd, the Founder and CEO of Bumble, said, “The acquisition of Fruitz allows us to expand our product offerings in line with our focus on empowering relationships for everyone.”
Fruitz founders Julian Kabab (CEO), Fabrice Bascoulergue (CTO) and Arnaud Ruols (CFO) as well as their team will be absorbed into Bumble once the acquisition completes.
Following the completion of the acquisition, Bumble’s portfolio will include Fruitz, Badoo and Bumble apps.
Texas-based Bumble is a women-first online dating app that allows women to make the first move. It has millions of users across the world, a team of 800 people, and offices in Austin, London, Barcelona, Paris and Moscow.
Wall Street’s Take
Last month, J.P. Morgan (NYSE: JPM) analyst Cory Carpenter maintained a Buy rating on BMBL stock with a price target of $50 (81.8% upside potential).
Additionally, Lauren Schenk of Morgan Stanley (NYSE: MS) reiterated a Hold rating on the stock and lowered the price target to $49 from $57 (78.2% upside potential).
Overall, the stock has a Moderate Buy consensus rating based on 8 Buys and 5 Holds. The average BMBL stock forecast of $49.92 implies 81.5% upside potential. Shares have lost around 61% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Bumble’s performance.
According to the tool, compared to the previous year, Bumble’s website traffic registered an 18.1% decrease in global visits in December. However, the website traffic has increased 34% year-to-date against the same period last year.
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