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

Shares of Grindr Inc. (NYSE:GRND) have been given a consensus recommendation of “Moderate Buy” by the six analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $19.20.

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

Insider Buying and Selling at Grindr

In related 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 value of $208,384.00. Following the transaction, 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 filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 35,771 shares of company stock valued at $531,075. 60.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Grindr during the 4th quarter worth $27,441,000. Quinn Opportunity Partners LLC purchased a new stake in shares of Grindr in the 4th quarter worth $20,565,000. Blacksheep Fund Management Ltd bought a new position in Grindr in the 4th quarter worth $16,804,000. Balyasny Asset Management L.P. raised its holdings in Grindr by 442.6% in the 3rd quarter. Balyasny Asset Management L.P. now owns 942,017 shares of the company’s stock worth $14,149,000 after purchasing an additional 1,217,017 shares during the period. Finally, Marshall Wace LLP purchased a new position in Grindr during the fourth quarter valued at $15,631,000. 7.22% of the stock is currently owned by institutional investors.

Grindr Stock Up 1.1%

Shares of Grindr stock opened at $14.86 on Tuesday. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 30.96 and a beta of 0.22. The company’s 50 day moving average is $13.72 and its 200 day moving average is $12.74. Grindr has a twelve month low of $9.73 and a twelve month high of $19.20. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 442.30.

Grindr (NYSE:GRND) last issued its earnings results 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 company had revenue of $129.94 million for 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%. Research analysts anticipate that Grindr will post 0.59 EPS for the current year.

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.