Grindr Inc. (NYSE:GRND) Receives $22.50 Consensus PT from Brokerages

Grindr Inc. (NYSE:GRND) has received a consensus rating of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $22.50.

Several brokerages have recently issued reports on GRND. Wall Street Zen cut shares of Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Citizens Jmp reduced their price objective on Grindr from $23.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Monday, November 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Grindr in a research report on Monday, December 29th.

Grindr Stock Performance

NYSE:GRND opened at $11.02 on Tuesday. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -29.77 and a beta of 0.22. Grindr has a 1 year low of $10.98 and a 1 year high of $25.13. The stock’s 50 day simple moving average is $12.95 and its two-hundred day simple moving average is $14.50. The company has a debt-to-equity ratio of 3.73, a current ratio of 0.82 and a quick ratio of 0.82.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.04. Grindr had a negative net margin of 11.99% and a positive return on equity of 80.21%. The company had revenue of $115.77 million for the quarter, compared to analysts’ expectations of $113.53 million. During the same quarter in the previous year, the business posted $0.09 earnings per share. Grindr’s quarterly revenue was up 29.6% on a year-over-year basis. As a group, equities analysts anticipate that Grindr will post 0.29 earnings per share for the current fiscal year.

Insider Transactions at Grindr

In other Grindr news, major shareholder James Fu Bin Lu sold 200,000 shares of Grindr stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $11.74, for a total transaction of $2,348,000.00. Following the completion of the transaction, the insider directly owned 20,494,867 shares of the company’s stock, valued at $240,609,738.58. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders acquired 605,000 shares of company stock valued at $7,930,000 and sold 3,042,149 shares valued at $41,299,346. 67.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Grindr

Large investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new stake in Grindr in the 3rd quarter worth about $26,000. EverSource Wealth Advisors LLC grew its stake in shares of 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 buying an additional 1,385 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Grindr in the second quarter worth approximately $39,000. CWM LLC lifted its stake in shares of Grindr by 713.8% during the 4th quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $40,000 after acquiring an additional 2,584 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its holdings in Grindr by 190.7% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,793 shares of the company’s stock valued at $57,000 after acquiring an additional 2,488 shares during the period. 7.22% of the stock is owned by hedge funds and other institutional investors.

Grindr Company Profile

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.