Grindr (NYSE:GRND) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen cut shares of Grindr (NYSE:GRND) from a buy rating to a hold rating in a report released on Saturday.

Other analysts have also recently issued reports about the stock. Morgan Stanley raised shares of Grindr from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $15.00 to $18.00 in a report on Wednesday, July 1st. Raymond James Financial reissued an “outperform” rating and set a $18.00 price objective on shares of Grindr in a report on Friday, May 8th. TD Cowen reissued a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Finally, Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.20.

Grindr Price Performance

GRND stock opened at $17.34 on Friday. The stock’s 50 day moving average is $14.08 and its two-hundred day moving average is $12.87. Grindr has a 52-week low of $9.73 and a 52-week high of $18.69. The company has a market capitalization of $3.08 billion, a PE ratio of 36.11 and a beta of 0.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 442.30.

Grindr (NYSE:GRND) last released its earnings results on Thursday, May 7th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.13 by $0.01. Grindr had a return on equity of 123.31% and a net margin of 19.85%.The company had revenue of $129.94 million during the quarter, compared to analysts’ expectations of $119.42 million. Analysts predict that Grindr will post 0.59 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Zachary Katz sold 12,800 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $16.28, for a total transaction of $208,384.00. Following the transaction, the insider directly owned 713,323 shares in the company, valued at $11,612,898.44. This trade represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 35,771 shares of company stock worth $531,075. Corporate insiders own 60.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Handelsbanken Fonder AB bought a new stake in shares of Grindr during the 2nd quarter valued at about $211,000. Emmett Investment Management LP bought a new position in Grindr in the first quarter worth about $3,702,000. Quantinno Capital Management LP boosted its stake in Grindr by 194.0% in the first quarter. Quantinno Capital Management LP now owns 117,998 shares of the company’s stock valued at $1,427,000 after acquiring an additional 77,867 shares during the period. Rangeley Capital LLC grew its holdings in shares of Grindr by 10.4% during the first quarter. Rangeley Capital LLC now owns 234,000 shares of the company’s stock valued at $2,829,000 after purchasing an additional 22,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Grindr by 77.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock worth $16,881,000 after purchasing an additional 610,111 shares during the period. 7.22% of the stock is 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.