Grindr Inc. (NYSE:GRND) Receives $18.80 Average Price Target from Analysts

Shares of Grindr Inc. (NYSE:GRND) have earned a consensus recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $18.40.

A number of equities analysts have recently commented on GRND shares. Morgan Stanley initiated coverage on shares of Grindr in a research report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price target on the stock. TD Cowen dropped their target price on shares of Grindr from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Weiss Ratings raised shares of Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, March 4th. The Goldman Sachs Group lowered their target price on Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Finally, Raymond James Financial restated an “outperform” rating and set a $18.00 price objective on shares of Grindr in a report on Friday.

Grindr Price Performance

Shares of NYSE:GRND opened at $14.46 on Thursday. The stock has a market capitalization of $2.68 billion, a P/E ratio of 30.13 and a beta of 0.27. The business has a 50-day moving average of $12.61 and a two-hundred day moving average of $12.71. Grindr has a fifty-two week low of $9.73 and a fifty-two week high of $25.13. The company has a debt-to-equity ratio of 8.00, a current ratio of 1.96 and a quick ratio of 1.96.

Grindr (NYSE:GRND) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Grindr had a return on equity of 92.74% and a net margin of 19.85%.The business had revenue of $129.94 million for the quarter, compared to the consensus estimate of $119.42 million. On average, equities research analysts predict that Grindr will post 0.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Grindr

A number of hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in Grindr by 77.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock valued at $16,881,000 after buying an additional 610,111 shares in the last quarter. SPX Gestao de Recursos Ltda raised its stake in shares of Grindr by 13.4% in the first quarter. SPX Gestao de Recursos Ltda now owns 455,800 shares of the company’s stock valued at $5,511,000 after acquiring an additional 54,000 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Grindr by 5.0% in the 1st quarter. Bank of New York Mellon Corp now owns 113,388 shares of the company’s stock worth $1,371,000 after acquiring an additional 5,429 shares in the last quarter. Abel Hall LLC bought a new stake in Grindr during the 1st quarter worth approximately $175,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in Grindr during the 4th quarter valued at $45,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

About Grindr

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.