Grindr Inc. (NYSE:GRND) Receives $18.40 Consensus Price Target from Brokerages

Shares of Grindr Inc. (NYSE:GRND) have earned an average rating of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $18.40.

A number of analysts recently commented on the company. TD Cowen reaffirmed a “buy” rating on shares of Grindr in a research report on Monday. Weiss Ratings raised Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Morgan Stanley initiated coverage on Grindr in a report on Tuesday, February 24th. They set an “equal weight” rating and a $14.00 price objective for the company. The Goldman Sachs Group reduced their price objective on Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Finally, Raymond James Financial reissued an “outperform” rating and set a $18.00 price objective on shares of Grindr in a report on Friday, May 8th.

Hedge Funds Weigh In On Grindr

Institutional investors and hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in Grindr during the third quarter valued at $26,000. EverSource Wealth Advisors LLC grew its holdings in Grindr by 1,473.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after purchasing an additional 1,385 shares during the period. Raymond James Financial Inc. bought a new position in Grindr during the second quarter valued at $39,000. CWM LLC grew its holdings in Grindr by 713.8% during the fourth quarter. CWM LLC now owns 2,946 shares of the company’s stock valued at $40,000 after purchasing an additional 2,584 shares during the period. Finally, Rockefeller Capital Management L.P. bought a new position in Grindr during the fourth quarter valued at $45,000. 7.22% of the stock is owned by institutional investors.

Grindr Stock Performance

Shares of GRND opened at $10.91 on Monday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 442.30. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 22.72 and a beta of 0.24. The stock has a 50 day moving average of $12.89 and a 200 day moving average of $12.54. Grindr has a 12 month low of $9.73 and a 12 month high of $23.75.

Grindr (NYSE:GRND) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The company had revenue of $129.94 million during the quarter, compared to the consensus estimate of $119.42 million. Grindr had a return on equity of 123.31% and a net margin of 19.85%. As a group, sell-side analysts forecast that Grindr will post 0.58 earnings per share for the current year.

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.