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

Grindr Inc. (NYSE:GRND) has been given an average rating of “Moderate Buy” by the six brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $20.00.

Several research firms recently issued reports on GRND. The Goldman Sachs Group restated a “buy” rating and set a $19.00 price objective on shares of Grindr in a research report on Friday, August 7th. Wall Street Zen downgraded shares of Grindr from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Morgan Stanley reaffirmed an “overweight” rating on shares of Grindr in a research report on Tuesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Grindr in a report on Friday, August 7th. Finally, TD Cowen reiterated a “buy” rating on shares of Grindr in a research report on Monday, June 1st.

Insider Activity

In related news, Director Daniel Baer sold 3,500 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $15.65, for a total value of $54,775.00. Following the completion of the transaction, the director owned 47,912 shares of the company’s stock, valued at approximately $749,822.80. The trade was a 6.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Zachary Katz sold 12,979 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $17.89, for a total transaction of $232,194.31. Following the sale, the insider directly owned 690,172 shares in the company, valued at $12,347,177.08. This represents a 1.85% 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. Insiders have sold a total of 52,250 shares of company stock valued at $818,045 over the last 90 days. 60.90% of the stock is currently owned by insiders.

Institutional Trading of Grindr

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Emmett Investment Management LP acquired a new position in shares of Grindr in the 1st quarter valued at $3,702,000. Canada Pension Plan Investment Board acquired a new stake in shares of Grindr during the 2nd quarter worth $1,631,000. BlackRock Inc. purchased a new position in shares of Grindr in the 2nd quarter worth $49,159,000. Quantinno Capital Management LP raised its position in shares of Grindr by 194.0% in 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 during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Grindr by 77.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock valued at $16,881,000 after acquiring an additional 610,111 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Grindr Trading Down 0.6%

Shares of NYSE GRND opened at $15.29 on Wednesday. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.10 and a current ratio of 1.10. The business’s 50 day moving average price is $15.88 and its 200-day moving average price is $13.84. Grindr has a fifty-two week low of $9.73 and a fifty-two week high of $18.50. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 30.59 and a beta of 0.19.

Grindr (NYSE:GRND) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). The firm had revenue of $138.14 million during the quarter, compared to analysts’ expectations of $132.50 million. Grindr had a return on equity of 357.13% and a net margin of 18.75%. On average, sell-side analysts expect that Grindr will post 0.51 earnings per share 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.