Grindr’s (GRND) “Market Outperform” Rating Reiterated at JMP Securities

Grindr (NYSE:GRND)‘s stock had its “market outperform” rating restated by stock analysts at JMP Securities in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $24.00 target price on the stock. JMP Securities’ price objective would indicate a potential upside of 26.05% from the stock’s current price.

Several other brokerages also recently issued reports on GRND. Citigroup reiterated an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. Raymond James reiterated an “outperform” rating and issued a $22.00 price objective on shares of Grindr in a research note on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Grindr presently has an average rating of “Buy” and an average price target of $20.75.

Grindr Stock Performance

NYSE GRND traded down $0.54 on Monday, reaching $19.04. The company had a trading volume of 490,929 shares, compared to its average volume of 934,245. The company’s fifty day moving average is $17.76 and its 200-day moving average is $16.39. Grindr has a 1-year low of $8.95 and a 1-year high of $19.77. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of -54.40 and a beta of 0.31.

Insiders Place Their Bets

In other Grindr news, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total value of $49,631.34. Following the transaction, the insider now directly owns 613,800 shares of the company’s stock, valued at $9,961,974. The trade was a 0.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 8,115 shares of company stock worth $139,397 over the last 90 days. Corporate insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in shares of Grindr by 45.5% during the first 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. Russell Investments Group Ltd. boosted its holdings in shares of Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after buying an additional 642 shares during the last quarter. Quarry LP grew its position in shares of Grindr by 209.2% during the 4th quarter. Quarry LP now owns 3,423 shares of the company’s stock valued at $61,000 after acquiring an additional 2,316 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its position in Grindr by 511.9% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock worth $83,000 after buying an additional 3,880 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Grindr during the 4th quarter worth approximately $89,000. Hedge funds and other 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.