Analysts Set Grindr Inc. (NYSE:GRND) Target Price at $22.60

Grindr Inc. (NYSE:GRND) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $22.60.

Several equities analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Grindr from a “buy” rating to a “hold” rating in a research note on Saturday. Raymond James Financial cut their price target on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Citizens Jmp started coverage on shares of Grindr in a research note on Monday, June 30th. They set an “outperform” rating and a $27.00 price target on the stock. JMP Securities cut their price target on shares of Grindr from $27.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, August 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grindr in a research note on Wednesday, October 8th.

Grindr Stock Performance

Shares of GRND opened at $13.19 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 2.48 and a current ratio of 2.48. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of -29.98 and a beta of 0.23. The company’s 50 day simple moving average is $15.02 and its 200 day simple moving average is $19.09. Grindr has a 1 year low of $11.73 and a 1 year high of $25.13.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $104.00 million for the quarter, compared to analysts’ expectations of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The business’s quarterly revenue was up 26.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.13) EPS. On average, sell-side analysts predict that Grindr will post 0.29 EPS for the current year.

Insider Activity at Grindr

In related news, Director George Raymond Zage III purchased 1,000,000 shares of the business’s stock in a transaction on Thursday, October 9th. The shares were bought at an average price of $13.15 per share, with a total value of $13,150,000.00. Following the completion of the purchase, the director directly owned 7,733,283 shares in the company, valued at approximately $101,692,671.45. This trade represents a 14.85% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Zachary Katz sold 14,693 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $19.25, for a total transaction of $282,840.25. Following the completion of the sale, the insider directly owned 595,112 shares of the company’s stock, valued at $11,455,906. The trade was a 2.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,376,547 shares of company stock worth $31,013,251. Company insiders own 67.70% of the company’s stock.

Institutional Investors Weigh In On Grindr

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Grindr by 23.5% in the first quarter. Vanguard Group Inc. now owns 1,714,514 shares of the company’s stock worth $30,690,000 after acquiring an additional 325,996 shares in the last quarter. Bank of America Corp DE increased its position in shares of Grindr by 93.5% in the second quarter. Bank of America Corp DE now owns 1,259,449 shares of the company’s stock worth $28,589,000 after acquiring an additional 608,554 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Grindr in the first quarter worth $20,049,000. Bwcp LP increased its position in shares of Grindr by 61.8% in the first quarter. Bwcp LP now owns 1,096,586 shares of the company’s stock worth $19,629,000 after acquiring an additional 418,994 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in shares of Grindr by 7.7% in the first quarter. Lord Abbett & CO. LLC now owns 1,049,011 shares of the company’s stock worth $18,777,000 after acquiring an additional 74,703 shares in the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.

About Grindr

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.