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

Grindr Inc. (NYSE:GRND) has been assigned a consensus rating of “Moderate Buy” from the six analysts that are covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $18.80.

Several brokerages have issued reports on GRND. Weiss Ratings upgraded Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, March 4th. Morgan Stanley began coverage on Grindr in a report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price target for the company. TD Cowen dropped their price target on Grindr from $26.00 to $22.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Finally, The Goldman Sachs Group reduced their price objective on Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd.

Grindr Stock Performance

Shares of GRND stock opened at $12.56 on Wednesday. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 29.20 and a beta of 0.23. Grindr has a one year low of $9.73 and a one year high of $25.13. The company’s 50-day simple moving average is $11.51 and its 200-day simple moving average is $13.15. The company has a debt-to-equity ratio of 8.00, a quick ratio of 1.96 and a current ratio of 1.96.

Insider Buying and Selling at Grindr

In other news, major shareholder James Fu Bin Lu sold 475,000 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $10.01, for a total value of $4,754,750.00. Following the transaction, the insider directly owned 18,432,101 shares in the company, valued at approximately $184,505,331.01. This trade represents a 2.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 3,559,766 shares of company stock worth $40,166,264 over the last 90 days. 67.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Grindr

Several institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new position in Grindr in the third quarter valued at approximately $26,000. EverSource Wealth Advisors LLC raised its position in shares of 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 purchasing an additional 1,385 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Grindr during the 2nd quarter worth approximately $39,000. CWM LLC lifted its holdings in shares of Grindr by 713.8% in the 4th quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $40,000 after purchasing an additional 2,584 shares during the last quarter. Finally, Rockefeller Capital Management L.P. bought a new stake in shares of Grindr in the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.