Brokerages Set Grindr Inc. (NYSE:GRND) Price Target at $19.20

Grindr Inc. (NYSE:GRND) has received an average recommendation of “Moderate Buy” from the six ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $19.20.

GRND has been the subject of a number of recent analyst reports. Morgan Stanley raised Grindr from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $15.00 to $18.00 in a report on Wednesday, July 1st. Weiss Ratings upgraded Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wall Street Zen upgraded Grindr from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. TD Cowen reissued a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Finally, Raymond James Financial restated an “outperform” rating and set a $18.00 target price on shares of Grindr in a research note on Friday, May 8th.

Grindr Price Performance

Shares of GRND opened at $14.74 on Tuesday. Grindr has a twelve month low of $9.73 and a twelve month high of $19.58. The firm’s fifty day simple moving average is $13.69 and its 200-day simple moving average is $12.73. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 30.70 and a beta of 0.22. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 442.30.

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

Insider Buying and Selling

In other Grindr news, insider Zachary Katz sold 12,800 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total transaction of $208,384.00. Following the sale, the insider owned 713,323 shares of the company’s stock, valued at approximately $11,612,898.44. This trade represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,771 shares of company stock valued at $531,075 in the last 90 days. Corporate insiders own 60.90% of the company’s stock.

Institutional Investors Weigh In On Grindr

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Grindr by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock valued at $517,000 after acquiring an additional 762 shares during the period. The Manufacturers Life Insurance Company raised its stake in Grindr by 8.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock valued at $332,000 after acquiring an additional 1,086 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Grindr by 69.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company’s stock worth $40,000 after acquiring an additional 1,227 shares during the period. Vident Advisory LLC lifted its position in Grindr by 2.6% during the 4th quarter. Vident Advisory LLC now owns 50,616 shares of the company’s stock worth $685,000 after acquiring an additional 1,271 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after acquiring an additional 1,385 shares during the period. 7.22% of the stock is currently 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.