Bumble (NASDAQ:BMBL) stock is getting a boost on Tuesday following news of activist investor Elliott Investment Management taking a stake in one of its rivals.
A new report reveals that Elliott has built up a $1 billion stake in Bumble rival Match Group (NASDAQ:MTCH). Insiders claim that the increased stake in the dating app provider will see the activist investor push for changes to improve the price of MTCH stock.
Interest in dating apps has been waning over the years. The problem started when Covid-19 lockdowns kept many people from making use of dating services. Then rising inflation in 2023 resulted in fewer people spending money on subscription services for dating apps.
What This Means for BMBL Stock
Elliott taking a large stake in Match has investors wondering whether interest in dating apps isn’t on the rise. If so, this investment could be a sign that the firm expects users to return to dating services.
If that’s true, it could be good news for Bumble, considering its outlook for the fourth quarter of 2023 failed to impress investors. That means traders may want to keep an eye on the company in 2024 as it tries to regain lost ground.
BMBL stock is up 5.2% as of Tuesday morning while MTCH stock is up 4%.
Investors who are seeking out even more of the most recent stock market stories are going to want to stick around!
We have all of the latest stock market coverage that traders need to know about on Tuesday! A few examples of that include the latest happenings with shares of Grifols (NASDAQ:GRFS), Sarepta Therapeutics (NASDAQ:SRPT) and Rent the Runway (NASDAQ:RENT) stock. You can find out all about these topics at the following links!
More Tuesday Stock Market News
- 10 Things to Know as Gotham City Slams Grifols (GRFS) Stock in New Short Report
- Why Is Sarepta Therapeutics (SRPT) Stock Up Today?
- Rent the Runway Layoffs 2024: What to Know About the Latest RENT Job Cuts
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
