Brokerages Set Grindr Inc. (NYSE:GRND) Target Price at $18.80

Grindr Inc. (NYSE:GRND) has earned a consensus rating of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $18.80.

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

Insider Activity at Grindr

In related news, major shareholder James Fu Bin Lu sold 600,000 shares of the business’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $10.07, for a total transaction of $6,042,000.00. Following the completion of the transaction, the insider owned 18,907,101 shares of the company’s stock, valued at approximately $190,394,507.07. The trade was a 3.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 3,559,766 shares of company stock valued at $40,166,264 in the last 90 days. Insiders own 67.70% of the company’s stock.

Institutional Investors Weigh In On Grindr

Hedge funds have recently modified their holdings of the business. SPX Gestao de Recursos Ltda raised its stake in Grindr by 321.1% during the 3rd quarter. SPX Gestao de Recursos Ltda now owns 177,300 shares of the company’s stock valued at $2,663,000 after purchasing an additional 135,200 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Grindr by 1,060.9% during the 2nd quarter. Franklin Resources Inc. now owns 776,769 shares of the company’s stock worth $17,633,000 after purchasing an additional 709,857 shares during the period. NINE MASTS CAPITAL Ltd bought a new position in shares of Grindr during the 2nd quarter worth about $7,171,000. XTX Topco Ltd raised its position in shares of Grindr by 279.3% during the second quarter. XTX Topco Ltd now owns 64,625 shares of the company’s stock valued at $1,467,000 after buying an additional 47,589 shares during the last quarter. Finally, Fort Point Capital Partners LLC raised its position in shares of Grindr by 123.7% during the third quarter. Fort Point Capital Partners LLC now owns 225,545 shares of the company’s stock valued at $3,388,000 after buying an additional 124,740 shares during the last quarter. 7.22% of the stock is owned by institutional investors.

Grindr Stock Performance

GRND stock opened at $12.56 on Wednesday. The firm has a 50 day moving average of $11.51 and a two-hundred day moving average of $13.12. Grindr has a 12 month low of $9.73 and a 12 month high of $25.13. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 29.20 and a beta of 0.23. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 8.00.

About Grindr

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.