5 Under-The-Radar Tech Stocks to Buy Now

In this article, we discuss 5 under-the-radar tech stocks to buy now. If you want to see our detailed analysis of these stocks, check out 10 Under-The-Radar Tech Stocks to Buy Now. 

5. Bumble Inc. (NASDAQ:BMBL)

Number of Hedge Fund Holders: 23

Bumble Inc. (NASDAQ:BMBL) provides online dating and social networking platforms. On August 10, Bumble Inc. (NASDAQ:BMBL) reported a Q2 revenue of $220.45 million, up 18.4% year over year, beating estimates by $1.09 million. Total average revenue per paying user increased to $23.65, compared to $20.88 in the prior quarter. Total paying customers also climbed to 3 million from 2.9 million previously. In Q3 2022, Bumble Inc. (NASDAQ:BMBL) expects total revenue to lie in the range of $236 million to $240 million and Bumble app revenue of $184 million to $187 million. 

Susquehanna analyst Shyam Patil on August 11 raised the price target on Bumble Inc. (NASDAQ:BMBL) to $36 from $24 and reaffirmed a Positive rating on the shares. The analyst said the company continues to gain share and is also making strong strides in international expansion. He is optimistic about Bumble Inc. (NASDAQ:BMBL)’s solid niche in the online dating market and its huge potential for growth.

Among the hedge funds tracked by Insider Monkey, 23 funds were bullish on Bumble Inc. (NASDAQ:BMBL) at the end of June 2022, up from 17 funds in the last quarter. Jim Simons’ Renaissance Technologies is the leading position holder in the company, with 898,600 shares worth about $25.3 million. 

Unlike mega-caps like Amazon.com, Inc. (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL), and NVIDIA Corporation (NASDAQ:NVDA), Bumble Inc. (NASDAQ:BMBL) is one of the under-the-radar tech stocks to watch. 

Here is what Polen U.S. Small Company Growth Fund has to say about Bumble Inc. (NASDAQ:BMBL) in its Q1 2022 investor letter:

“Online dating company Bumble delivered strong fourth quarter growth metrics in March. The company has been successfully executing on its core strategic priorities of driving scale and engagement, monetization, and profitability. This is a newer position for us that we opportunistically purchased in the quarter. We are excited about the market potential for online dating, which has been growing in popularity but is still under penetrated in many markets. The stigma related to it has been lessened as a result of the pandemic and general activity should improve as the economy reopens. We think Bumble is competitively advantaged because the company empowers women to make the first move. We believe that Bumble can take share in dating and leverage its brand in other categories.”