Grindr Inc. (NYSE:GRND) Given Average Rating of “Moderate Buy” by Brokerages

Grindr Inc. (NYSE:GRND) has received an average rating of “Moderate Buy” from the six brokerages that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $22.60.

Several equities research analysts have recently issued reports on GRND shares. Raymond James Financial dropped their price target on Grindr from $26.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. JMP Securities dropped their price target on Grindr from $27.00 to $23.00 and set a “market outperform” rating for the company in a research report on Monday, August 11th. Wall Street Zen lowered Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Citizens Jmp started coverage on Grindr in a research report on Monday, June 30th. They issued an “outperform” rating and a $27.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Grindr in a research report on Saturday.

Grindr Price Performance

NYSE:GRND opened at $15.07 on Friday. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.43. The business’s 50-day simple moving average is $14.85 and its two-hundred day simple moving average is $19.02. The stock has a market cap of $2.89 billion, a PE ratio of -34.24 and a beta of 0.23. Grindr has a 52 week low of $11.73 and a 52 week high of $25.13.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The business had revenue of $104.00 million for the quarter, compared to the consensus estimate of $104.40 million. During the same period in the prior year, the business earned ($0.13) earnings per share. Grindr’s revenue was up 26.6% compared to the same quarter last year. As a group, analysts forecast that Grindr will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James Fu Bin Lu sold 1,000,000 shares of Grindr stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $13.15, for a total transaction of $13,150,000.00. Following the completion of the sale, the director owned 25,588,867 shares of the company’s stock, valued at approximately $336,493,601.05. The trade was a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vandana Mehta-Krantz sold 43,565 shares of Grindr stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $16.89, for a total transaction of $735,812.85. Following the sale, the chief financial officer directly owned 688,047 shares of the company’s stock, valued at $11,621,113.83. This represents a 5.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,361,854 shares of company stock worth $30,730,410 over the last three months. 67.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Grindr

Several institutional investors and hedge funds have recently modified their holdings of the stock. CWM LLC lifted its holdings in Grindr by 838.5% during the first quarter. CWM LLC now owns 1,924 shares of the company’s stock worth $34,000 after buying an additional 1,719 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Grindr by 1,473.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after buying an additional 1,385 shares during the period. GAMMA Investing LLC lifted its holdings in Grindr by 45.5% during the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock worth $38,000 after buying an additional 662 shares during the period. Raymond James Financial Inc. purchased a new stake in Grindr during the second quarter worth $39,000. Finally, Huntington National Bank purchased a new stake in Grindr during the second quarter worth $64,000. Institutional investors own 7.22% of the company’s stock.

About Grindr

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.