The Bear Swipes Right!Early 1st quarter 2021 was a delusional bull market for Tech, reminiscent of 1999. Many corporate owners took advantage of the Hype.
There were a lot of IPO's and direct listings at the end of 2020. Since yields are going up, and the Fed is gradually abandoning its easy money policies, the tech sector is being shorted back to reality.
Bumble had an IPO of $43.00, delusional Bulls drank the coolaide and bought at $79.00 per share, the dumping price.
There is resistance at the $57.00 line, once prices breach this line, expect Bumble to be shorted to atleast the IPO price of $43.00/ share.
Should the Nasdaq slide to 11,000, expect Bumble to trade in the $20 range. Loss per share: 1 cent
Revenue: $165.6 million vs. expected revenue of $163.3 million. Despite revenue slightly exceeding analysts expectations by 2 million dollars during 4th quarter, Bumble is a brand new stock that has yet to experience a slide during expiration of its lock up period. The Quiet Period Expiration: 03/23/2021
Lockup Expiration: 08/10/2021Lockup Period (days): 180,
I can guarantee you that insiders will sell!
I wouldn't go long on this until maybe August or if share prices hit the $20 range.
In the mean time, money can be made by scalping and going short during the tech bear market.
