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Does Bumble (BMBL) Face Growth Challenges?

Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” first-quarter investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered 10.81% net of fees compared to a 6.07% return for the Russell 2000 Growth Index. At the beginning of the quarter, the market witnessed growing possibilities but later, the collapse of banks and ensuing concerns affected the market.  In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen U.S. Small Company Growth Strategy highlighted stocks like Bumble Inc. (NASDAQ:BMBL) in the first quarter 2023 investor letter. Headquartered in Austin, Texas, Bumble Inc. (NASDAQ:BMBL) is an online dating and social networking platform provider. On April 27, 2023, Bumble Inc. (NASDAQ:BMBL) stock closed at $17.60 per share. One-month return of Bumble Inc. (NASDAQ:BMBL) was -9.97%, and its shares lost 26.64% of their value over the last 52 weeks. Bumble Inc. (NASDAQ:BMBL) has a market capitalization of $5.749 billion.

Polen U.S. Small Company Growth Strategy made the following comment about Bumble Inc. (NASDAQ:BMBL) in its Q1 2023 investor letter:

"The most significant detractors from the Portfolio’s relative performance in the quarter included Azenta, Warby Parker, and Bumble Inc. (NASDAQ:BMBL). Finally, Bumble, a leading online dating app known for its strong, women-centric brand, was another detractor. We do not believe the stock’s poor performance is driven by fundamentals, which have remained strong amidst an uncertain economic backdrop. As one measure of this, the Bumble app recently became the most downloaded dating app in key markets such as the US, Canada, Australia, the UK, and Germany—all without a commensurate increase in marketing spend. We believe the stock was weighed down by fears sparked by the poor performance of competitor Match Group, which is experiencing growth challenges as the Tinder platform matures, as well as a pickup in secondary activity from private equity owner selling. We used this volatility to add to our position in Bumble."

Online dating
Online dating

Source: AdobeStock

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Bumble Inc. (NASDAQ:BMBL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Bumble Inc. (NASDAQ:BMBL) at the end of the fourth quarter which was 22 in the previous quarter.

We discussed Bumble Inc. (NASDAQ:BMBL) in another article and shared the best dating apps to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.