Bumble shares surge 47.8% on reports of $1 billion take-private talks
Bumble shares climbed 47.8% on Monday following a Reuters report that the online dating app is in advanced discussions to be acquired by Ithaca Holdings, a technology investment firm, at a valuation of roughly $1 billion.
The sharp movement in Bumble shares, traded under the ticker BMBL on the NASDAQ, stood out among other notable price changes in the market on the same day. While Bumble saw significant gains, several other technology and communication services stocks experienced declines driven by analyst actions and broader market pressures.
Work management platform monday.com, listed as MNDY on the NASDAQ, dropped 4.7% on Monday. The decline followed a downgrade by Raimo Lenschow, an analyst at Barclays, who moved his rating on the company from Overweight to Equalweight. Lenschow set a new price target of $100.00 for the stock, according to reports from Street Insider.
Reddit, the online community and discussion platform trading as RDDT on the NYSE, fell 3.6% during the session. The drop in Reddit shares occurred as rising benchmark Treasury yields and profit-taking across the communication services sector weighed on high-valuation growth equities ahead of scheduled inflation data releases.
In contrast, supply chain software provider Manhattan Associates, trading as MANH on the NASDAQ, rose 4% on Monday. The stock gained ground after Morgan Stanley upgraded its rating on the company from Equalweight to Overweight, accompanied by a price target of $250.
Real estate technology company Compass, listed as COMP on the NYSE, saw its shares fall 4.6% on Monday. The decline came after Wells Fargo analyst Alec Brondolo reduced his price target for the stock to $10 while maintaining an Equal Weight rating on the company.
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