Grindr Inc. (NYSE:GRND) Receives $22.50 Average Price Target from Analysts

Grindr Inc. (NYSE:GRND) has been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $22.50.

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

Insider Activity at Grindr

In related news, insider Zachary Katz sold 29,383 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $12.52, for a total transaction of $367,875.16. Following the completion of the sale, the insider directly owned 461,137 shares in the company, valued at approximately $5,773,435.24. The trade was a 5.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder James Fu Bin Lu sold 3,628 shares of the business’s stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $13.50, for a total value of $48,978.00. Following the sale, the insider directly owned 511,833 shares of the company’s stock, valued at $6,909,745.50. This represents a 0.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have bought 1,605,000 shares of company stock valued at $21,080,000 and have sold 4,018,517 shares valued at $54,581,611. 67.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Grindr

Institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its position in shares of Grindr by 1,473.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after acquiring an additional 1,385 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Grindr during the second quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd acquired a new position in Grindr during the third quarter valued at approximately $26,000. CWM LLC boosted its position in Grindr by 28.7% during the second quarter. CWM LLC now owns 2,476 shares of the company’s stock valued at $56,000 after purchasing an additional 552 shares during the last quarter. Finally, Huntington National Bank bought a new position in Grindr in the second quarter valued at approximately $64,000. Institutional investors own 7.22% of the company’s stock.

Grindr Trading Down 1.8%

Shares of Grindr stock opened at $13.29 on Friday. The stock has a fifty day simple moving average of $13.66 and a 200 day simple moving average of $15.93. The company has a market capitalization of $2.46 billion, a P/E ratio of -35.92 and a beta of 0.23. Grindr has a 12-month low of $11.73 and a 12-month high of $25.13. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.73.

Grindr (NYSE:GRND) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.16 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $113.53 million. During the same quarter last year, the business posted $0.09 EPS. Grindr’s quarterly revenue was up 29.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Grindr will post 0.29 earnings per share for the current fiscal year.

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.