Grindr Inc. (NYSE:GRND) Stock Rated “Moderate Buy” by Wall Street Analysts

Grindr Inc. (NYSE:GRND) has received an average rating of “Moderate Buy” from the seven brokerages that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $20.00.

Several equities research analysts recently weighed in on the company. Morgan Stanley restated an “overweight” rating on shares of Grindr in a research report on Tuesday, September 8th. Citigroup reiterated a “market outperform” rating on shares of Grindr in a report on Thursday, October 1st. Wall Street Zen downgraded Grindr from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Grindr in a research report on Friday, August 7th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $19.00 target price on shares of Grindr in a report on Friday, August 7th.

Insider Buying and Selling

In related news, insider Zachary Katz sold 15,227 shares of Grindr stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $15.23, for a total transaction of $231,907.21. Following the completion of the transaction, the insider directly owned 618,000 shares of the company’s stock, valued at $9,412,140. This trade represents a 2.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel Baer sold 3,500 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $15.65, for a total transaction of $54,775.00. Following the sale, the director directly owned 47,912 shares in the company, valued at $749,822.80. The trade was a 6.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,518,727 shares of company stock worth $22,055,758 in the last three months. 60.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Grindr

Several large investors have recently made changes to their positions in GRND. BlackRock Inc. purchased a new position in Grindr during the second quarter valued at $49,159,000. Dimensional Fund Advisors LP boosted its holdings in Grindr by 77.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock worth $16,881,000 after acquiring an additional 610,111 shares in the last quarter. Alberta Investment Management Corp bought a new stake in Grindr in the second quarter worth $7,904,000. Bank of America Corp DE purchased a new stake in shares of Grindr in the second quarter worth $4,758,000. Finally, Emmett Investment Management LP purchased a new stake in shares of Grindr in the first quarter worth $3,702,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Grindr Stock Performance

Grindr stock opened at $14.00 on Thursday. Grindr has a fifty-two week low of $9.73 and a fifty-two week high of $18.50. The stock’s 50 day simple moving average is $14.75 and its two-hundred day simple moving average is $13.63. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 28.00 and a beta of 0.23.

Grindr (NYSE:GRND) last announced its earnings results on Thursday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). The firm had revenue of $138.14 million during the quarter, compared to the consensus estimate of $132.50 million. Grindr had a return on equity of 357.13% and a net margin of 18.75%. As a group, analysts expect that Grindr will post 0.51 earnings per share for the current fiscal year.

Grindr Company Profile

Grindr Inc (NYSE:GRND) operates a social networking and dating platform designed primarily for the LGBTQ+ community. Its mobile application helps users discover and connect with people nearby, communicate through messaging, and build social and dating relationships.

The company offers a free, advertising-supported version of its app along with subscription services that provide additional features, including expanded browsing and communication capabilities. Grindr also provides related digital products and services intended to support user interaction and engagement on its platform.

Founded in 2009, Grindr serves users in markets around the world and has developed one of the largest global LGBTQ+ social networking communities.