In a year that has been tough for equity markets overall, dating names Bumble (NASDAQ:BMBL) and Grindr (NYSE:GRND) too are not feeling the love from investors.
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LGBTQ-focused Grindr went public via SPAC transaction last month. After listing at around $17, the stock had risen to ~$70 on opening day. Over the past month though, investor interest has been waning and GRND shares have corrected as much as 56.2%.
Bumble too has seen a rocky 2022 and shares have dropped 34% over the past six months. The company has been steadily growing its top line from $360 million in 2018 to $765 million in 2021. These revenue gains are expected to continue over the next two years.
Nonetheless, short interest in the stock currently remains high at about 12%. Wall Street too remains cautiously optimistic about Bumble with a Moderate Buy consensus rating and an average price target of $25.43. This indicates a 21.4% potential upside in the stock.
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