Grindr Inc. (NYSE:GRND) Receives $20.00 Average PT from Brokerages

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

A number of research analysts have commented on the stock. Raymond James Financial restated an “outperform” rating on shares of Grindr in a research note on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Grindr in a report on Friday, August 7th. TD Cowen restated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Morgan Stanley restated an “overweight” rating on shares of Grindr in a research report on Tuesday, September 8th. Finally, Wall Street Zen downgraded Grindr from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st.

Insider Buying and Selling

In related news, insider Zachary Katz sold 12,979 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $17.89, for a total transaction of $232,194.31. Following the completion of the sale, the insider directly owned 690,172 shares of the company’s stock, valued at $12,347,177.08. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 on Wednesday, August 19th. The shares were sold at an average price of $15.65, for a total transaction of $54,775.00. Following the completion of the transaction, the director directly owned 47,912 shares in the company, valued at $749,822.80. This represents a 6.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 52,250 shares of company stock worth $818,045. Corporate insiders own 60.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Emmett Investment Management LP purchased a new stake in Grindr in the 1st quarter valued at approximately $3,702,000. Canada Pension Plan Investment Board acquired a new position in Grindr during the 2nd quarter worth approximately $1,631,000. BlackRock Inc. purchased a new position in shares of Grindr during the 2nd quarter worth approximately $49,159,000. Quantinno Capital Management LP raised its stake in shares of Grindr by 194.0% during the 1st quarter. Quantinno Capital Management LP now owns 117,998 shares of the company’s stock worth $1,427,000 after buying an additional 77,867 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Grindr by 77.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock valued at $16,881,000 after buying an additional 610,111 shares during the period. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Grindr Stock Performance

Shares of GRND opened at $15.29 on Wednesday. The company’s 50 day simple moving average is $15.88 and its 200-day simple moving average is $13.86. The firm has a market cap of $2.66 billion, a PE ratio of 30.59 and a beta of 0.19. Grindr has a 12-month low of $9.73 and a 12-month high of $18.50. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 442.30.

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

Grindr Company Profile

Grindr Inc operates a global social networking and online dating platform designed primarily for LGBTQ+ adults. Its mobile application helps users discover, connect and communicate with people nearby and in other locations, supporting social interaction, dating and community engagement.

The company generates revenue through subscription offerings, in-app purchases and advertising. Its products and services include enhanced app features, messaging and discovery tools, and digital experiences intended to provide users with greater control over how they connect and interact on the platform.

Grindr was founded in 2009 by Joel Simkhai and has expanded its service internationally, with users in markets across North America, Europe, Latin America, Asia-Pacific and other regions.