Grindr Inc. (NYSE:GRND) Given Average Recommendation of “Moderate Buy” by Analysts

Grindr Inc. (NYSE:GRND) has been given a consensus rating of “Moderate Buy” by the six analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation and five have given 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.

GRND has been the topic of a number of recent analyst reports. Raymond James Financial reissued an “outperform” rating on shares of Grindr in a research note on Friday, August 7th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $19.00 target price on shares of Grindr in a report on Friday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Grindr in a research note on Friday, August 7th. TD Cowen reissued a “buy” rating on shares of Grindr in a report on Monday, June 1st. Finally, Wall Street Zen cut Grindr from a “buy” rating to a “hold” rating in a report on Saturday, August 1st.

Grindr Trading Down 2.2%

Shares of Grindr stock opened at $15.61 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 442.30. Grindr has a 12-month low of $9.73 and a 12-month high of $18.50. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 31.21 and a beta of 0.20. The firm’s 50-day moving average price is $15.28 and its two-hundred day moving average price is $13.27.

Grindr (NYSE:GRND) last issued its earnings results on Thursday, August 6th. The company reported $0.10 EPS 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 firm had revenue of $138.14 million during the quarter, compared to analyst estimates of $132.50 million. On average, analysts forecast that Grindr will post 0.51 earnings per share for the current fiscal year.

Insider Transactions at Grindr

In other Grindr news, insider Zachary Katz sold 12,979 shares of Grindr stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $17.89, for a total value of $232,194.31. Following the transaction, the insider owned 690,172 shares in the company, valued at $12,347,177.08. The trade was a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 48,750 shares of company stock valued at $763,270 in the last quarter. Insiders own 60.90% of the company’s stock.

Institutional Investors Weigh In On Grindr

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Grindr during the 2nd quarter worth approximately $49,159,000. Norges Bank acquired a new stake in Grindr in the fourth quarter valued at approximately $27,441,000. Quinn Opportunity Partners LLC acquired a new stake in Grindr in the fourth quarter valued at approximately $20,565,000. Blacksheep Fund Management Ltd bought a new stake in shares of Grindr during the fourth quarter worth $16,804,000. Finally, Balyasny Asset Management L.P. grew its stake in shares of Grindr by 442.6% during the third quarter. Balyasny Asset Management L.P. now owns 942,017 shares of the company’s stock worth $14,149,000 after buying an additional 1,217,017 shares during the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.