Match Group, Grindr Stocks up on Bumble News. Should They be up More?

Dow Jones10-14

Match Group and Grindr stocks rose after fellow online dating company Bumble confirmed on Tuesday that it would be acquired by Ithaca Holdings in a deal that takes the company private.

Shares of Bumble soared 57% after the announcement, which follows a 50% climb on Monday when The Wall Street Journal initially reported on the deal.

Other online dating stocks also rose on Tuesday following the announcement. Match Group -- the owner of Tinder -- gained 2% while Grindr -- a dating app geared toward the LGBTQ+ community -- rose 2.4%.

It isn't surprising that these stocks were higher following Bumble's go private announcement. Investors might be hopeful that these companies now look like attractive acquisition targets themselves.

Still, Match and Grindr stock's gains were modest.

"We continue to see secular challenges in online dating broadly driven by COVID's lasting after-effects and inflationary pressures on Gen Z," RBC Capital Markets analyst Brad Erickson wrote on Tuesday.

But something notable from Bumble's acquisition was the sheer amount that Ithaca is willing to pay for the dating platform.

Bumble sold for $6.05 per share, a 138% premium to the stock's closing price on Oct. 9. This transaction could signal that dating apps might be worth more than Wall Street believes.

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