** Shares of Bumble BMBL.O rise 20.3% to $5.28

** Dating app operator reports Q1 revenue of $247.1 mln on Wednesday, compared with analysts' avg est of $246.2 mln, according to data compiled by LSEG

** UBS says BMBL is now prioritizing a smaller but higher-quality user base, pulling back on performance marketing and accelerating efforts to improve match relevancy and engagement

** These efforts are expected to weigh on near-term payer growth and revenue - UBS

** Average rating of 18 analysts covering the stock is "hold," their median PT is $5 - LSEG

** As of last close, stock down ~46% this year

(Reporting by Jaspreet Singh in Bengaluru; Editing by Leroy Leo)

((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))