Shares of Bumble fell sharply Thursday, dipping below its initial public offering price of $43, but that doesn’t mean confidence in the dating app has gone away.

Though it was trading at below $41 by early afternoon on Thursday, Eastern time, the shares may be a bargain.

Bumble reported first-quarter results Wednesday and complemented the numbers with its own evaluation.

The company expects total revenue somewhere from $175 million to $178 million for the second quarter. That’s up 31% year over year and a bit better than analysts surveyed by Refinitiv, via CNBC, expected.

On CNBC, the Bumble CEO said its company is just exercising good judgment.

“We are being cautiously conservative due to the nature of the pandemic … none of us can predict what happens later this year around the globe,” Whitney Wolfe Herd told CNBC’s “TechCheck.” 

Bumble reported revenue of $170.7 million for the quarter, up from $79.1 million for the first quarter of 2020. Analysts were expecting $164.6 million. 

As Bumble, where the female makes the first contact, faces competition from the likes of Hinge and others, it reported its total paying users increased 30% to 2.8 million.

Analysts saw a wide range of possibilities.

A CNBC story reported Loop Capital Markets analysts said in a note Wednesday it’s a “mixed bag,” lowering its price target to $45 from $65.

Jefferies lowered its price target to $65 from $82, though the firm said it remains a top mid-cap recovery play. 

Stifel dropped its price target to $66 from $78, but painted an optimistic outlook.

“With significant evidence of pent-up demand for online dating services revealed in 1Q, we view Bumble as a strong recovery trade and would be buyers of the stock’s recent pullback,” Stifel analysts wrote Thursday.

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