Grindr (NYSE:GRND) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Grindr (NYSE:GRND) from a buy rating to a hold rating in a research note published on Saturday morning.

A number of other brokerages have also commented on GRND. JMP Securities cut their price objective on shares of Grindr from $27.00 to $23.00 and set a “market outperform” rating on the stock in a report on Monday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Grindr in a report on Wednesday, October 8th. Raymond James Financial reduced their price objective on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Finally, Citizens Jmp started coverage on shares of Grindr in a research report on Monday, June 30th. They set an “outperform” rating and a $27.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.60.

Grindr Price Performance

Grindr stock opened at $12.85 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 2.48 and a current ratio of 2.48. Grindr has a 52-week low of $11.73 and a 52-week high of $25.13. The stock’s 50 day moving average price is $15.09 and its two-hundred day moving average price is $19.13. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of -29.21 and a beta of 0.23.

Grindr (NYSE:GRND) last announced its quarterly earnings data 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 firm had revenue of $104.00 million during the quarter, compared to analyst estimates of $104.40 million. During the same period last year, the business posted ($0.13) EPS. The company’s revenue was up 26.6% on a year-over-year basis. On average, equities analysts predict that Grindr will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Vandana Mehta-Krantz sold 43,565 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $16.89, for a total value of $735,812.85. Following the sale, the chief financial officer owned 688,047 shares in the company, valued at approximately $11,621,113.83. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director George Raymond Zage III purchased 1,000,000 shares of the stock in a transaction on Thursday, October 9th. The stock was acquired at an average cost of $13.15 per share, for a total transaction of $13,150,000.00. Following the acquisition, the director owned 7,733,283 shares in the company, valued at approximately $101,692,671.45. This represents a 14.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 2,126,547 shares of company stock valued at $27,730,751. Corporate insiders own 67.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in Grindr in the first quarter worth approximately $197,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Grindr by 5.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 97,716 shares of the company’s stock worth $1,808,000 after acquiring an additional 5,265 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Grindr by 45.5% in the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock valued at $38,000 after purchasing an additional 662 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Grindr by 42.0% during the 1st quarter. Deutsche Bank AG now owns 402,822 shares of the company’s stock valued at $7,211,000 after purchasing an additional 119,121 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Grindr by 3.0% during the 1st quarter. Rhumbline Advisers now owns 43,043 shares of the company’s stock valued at $770,000 after purchasing an additional 1,272 shares during the last quarter. Institutional investors own 7.22% of the company’s stock.

Grindr Company Profile

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.