Grindr Inc. (NYSE:GRND) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Grindr Inc. (NYSE:GRND) have earned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $18.80.

A number of research analysts have recently commented on the company. TD Cowen dropped their price target on Grindr from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Weiss Ratings raised Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, March 4th. The Goldman Sachs Group lowered their target price on Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Finally, Morgan Stanley assumed coverage on Grindr in a research report on Tuesday, February 24th. They set an “equal weight” rating and a $14.00 target price for the company.

Grindr Stock Up 2.0%

Shares of GRND opened at $13.20 on Friday. Grindr has a 52 week low of $9.73 and a 52 week high of $25.13. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 30.69 and a beta of 0.21. The company has a debt-to-equity ratio of 8.00, a quick ratio of 1.96 and a current ratio of 1.96. The stock has a fifty day moving average of $11.79 and a 200-day moving average of $12.68.

Insider Buying and Selling at Grindr

In other news, major shareholder James Fu Bin Lu sold 600,000 shares of Grindr stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $10.07, for a total value of $6,042,000.00. Following the completion of the transaction, the insider directly owned 18,907,101 shares of the company’s stock, valued at approximately $190,394,507.07. This trade represents a 3.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 2,904,766 shares of company stock valued at $31,403,489. Company insiders own 67.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Grindr in the 3rd quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted its stake in Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after purchasing an additional 1,385 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Grindr during the 2nd quarter valued at about $39,000. CWM LLC boosted its stake in shares of Grindr by 713.8% in the 4th quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $40,000 after buying an additional 2,584 shares during the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of Grindr in the 4th quarter worth approximately $45,000. 7.22% of the stock is owned by institutional investors.

Grindr Company Profile

Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.

Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.