Grindr (NYSE:GRND) Trading 7.5% Higher – Here’s Why

Grindr Inc. (NYSE:GRND)’s stock price traded up 7.5% on Tuesday . The company traded as high as $16.56 and last traded at $16.6350. Approximately 533,339 shares traded hands during trading, a decline of 66% from the average session volume of 1,561,683 shares. The stock had previously closed at $15.48.

Wall Street Analyst Weigh In

GRND has been the topic of several recent analyst reports. Weiss Ratings raised shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Morgan Stanley upgraded shares of Grindr from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $15.00 to $18.00 in a research report on Wednesday, July 1st. TD Cowen reaffirmed a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Raymond James Financial reiterated an “outperform” rating and issued a $18.00 price objective on shares of Grindr in a report on Friday, May 8th. Finally, Wall Street Zen upgraded Grindr from a “hold” rating to a “buy” rating in a research note on Sunday, July 5th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.20.

Grindr Stock Performance

The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.32 and a current ratio of 1.32. The firm’s 50 day simple moving average is $13.91 and its 200-day simple moving average is $12.81. The company has a market cap of $3.04 billion, a price-to-earnings ratio of 35.64 and a beta of 0.22.

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

Insider Transactions at Grindr

In related news, insider Zachary Katz sold 12,800 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total transaction of $208,384.00. Following the completion of the sale, the insider owned 713,323 shares of the company’s stock, valued at approximately $11,612,898.44. This represents a 1.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 35,771 shares of company stock worth $531,075. 60.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Grindr

A number of large investors have recently made changes to their positions in the stock. Handelsbanken Fonder AB acquired a new stake in shares of Grindr in the second quarter valued at approximately $211,000. Emmett Investment Management LP acquired a new stake in shares of Grindr in the 1st quarter worth $3,702,000. Quantinno Capital Management LP raised its holdings in shares of Grindr by 194.0% during the 1st quarter. Quantinno Capital Management LP now owns 117,998 shares of the company’s stock worth $1,427,000 after acquiring an additional 77,867 shares during the period. Rangeley Capital LLC boosted its position in shares of Grindr by 10.4% during the 1st quarter. Rangeley Capital LLC now owns 234,000 shares of the company’s stock valued at $2,829,000 after acquiring an additional 22,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of 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 purchasing an additional 610,111 shares during the period. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

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.