Grindr (NYSE:GRND) Stock Price Up 3% – Time to Buy?

Grindr Inc. (NYSE:GRND)’s stock price was up 3% during trading on Thursday . The stock traded as high as $15.42 and last traded at $15.3780. Approximately 53,035 shares were traded during trading, a decline of 97% from the average daily volume of 1,553,268 shares. The stock had previously closed at $14.93.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group reissued a “buy” rating and set a $19.00 price objective on shares of Grindr in a report on Friday, August 7th. Morgan Stanley restated an “overweight” rating on shares of Grindr in a research note on Tuesday. Raymond James Financial reaffirmed an “outperform” rating on shares of Grindr in a research report on Friday, August 7th. Wall Street Zen downgraded Grindr from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Grindr in a report on Friday, August 7th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Grindr Stock Down 0.6%

The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 442.30. The stock has a market cap of $2.66 billion, a PE ratio of 30.59 and a beta of 0.19. The business has a 50 day moving average price of $15.88 and a 200 day moving average price of $13.84.

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

Insider Activity at Grindr

In related news, 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 value 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. The trade was a 6.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 sale, the insider directly owned 690,172 shares in the company, valued at $12,347,177.08. This trade 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. Over the last ninety days, insiders have sold 52,250 shares of company stock valued at $818,045. Insiders own 60.90% of the company’s stock.

Institutional Investors Weigh In On Grindr

A number of institutional investors have recently modified their holdings of the business. AQR Capital Management LLC raised its holdings in Grindr by 289.1% in the 1st quarter. AQR Capital Management LLC now owns 88,134 shares of the company’s stock worth $1,578,000 after purchasing an additional 65,485 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Grindr by 2.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock valued at $517,000 after purchasing an additional 762 shares during the period. Creative Planning acquired a new stake in Grindr in the second quarter valued at approximately $310,000. Legal & General Group Plc increased its position in shares of Grindr by 33.8% in the second quarter. Legal & General Group Plc now owns 30,341 shares of the company’s stock valued at $689,000 after buying an additional 7,668 shares in the last quarter. Finally, Rhumbline Advisers increased its position in shares of Grindr by 27.8% in the second quarter. Rhumbline Advisers now owns 55,006 shares of the company’s stock valued at $1,249,000 after buying an additional 11,963 shares in the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

About Grindr

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.