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

Grindr Inc. (NYSE:GRND) has received an average rating of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $22.50.

GRND has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Grindr in a research report on Monday, December 29th. Citizens Jmp dropped their price target on Grindr from $23.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Monday, November 10th. Finally, Wall Street Zen downgraded shares of Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th.

Insider Buying and Selling at Grindr

In related news, Director George Raymond Zage III acquired 150,000 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were bought at an average price of $12.91 per share, with a total value of $1,936,500.00. Following the transaction, the director directly owned 1,210,507 shares of the company’s stock, valued at $15,627,645.37. This trade represents a 14.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder James Fu Bin Lu sold 558,744 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $14.99, for a total value of $8,375,572.56. Following the completion of the sale, the insider directly owned 23,330,123 shares of the company’s stock, valued at $349,718,543.77. The trade was a 2.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have purchased 605,000 shares of company stock worth $7,930,000 and have sold 3,057,750 shares worth $41,513,548. 67.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Grindr

Hedge funds have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new stake in Grindr in the 2nd quarter valued at $1,832,000. Bryce Point Capital LLC acquired a new position in Grindr during the second quarter worth $851,000. Tredje AP fonden bought a new position in shares of Grindr in the second quarter valued at $956,000. NINE MASTS CAPITAL Ltd acquired a new position in shares of Grindr during the second quarter valued at about $7,171,000. Finally, Shaker Investments LLC OH bought a new stake in shares of Grindr during the second quarter worth about $992,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Grindr Trading Down 2.0%

NYSE:GRND opened at $11.35 on Tuesday. Grindr has a 52 week low of $11.11 and a 52 week high of $25.13. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.82 and a current ratio of 0.82. The firm’s fifty day moving average is $12.98 and its 200-day moving average is $14.61. The firm has a market cap of $2.10 billion, a P/E ratio of -30.67 and a beta of 0.23.

Grindr (NYSE:GRND) last released its earnings results on Thursday, November 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 business had revenue of $115.77 million for the quarter, compared to analyst estimates of $113.53 million. During the same quarter in the previous year, the business earned $0.09 earnings per share. Grindr’s revenue for the quarter was up 29.6% on a year-over-year basis. Equities analysts expect that Grindr will post 0.29 earnings per share for the current year.

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.