Brokerages Set Grindr Inc. (NYSE:GRND) PT at $18.80

Shares of Grindr Inc. (NYSE:GRND) have been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $18.80.

A number of research firms have recently weighed in on GRND. Weiss Ratings raised 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 research note on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price target on the stock. TD Cowen cut their price target on Grindr from $26.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Finally, The Goldman Sachs Group cut their price target 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

GRND stock opened at $12.92 on Friday. The business’s fifty day moving average is $11.73 and its 200-day moving average is $12.71. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 8.00. The company has a market cap of $2.39 billion, a P/E ratio of 30.05 and a beta of 0.21. Grindr has a twelve month low of $9.73 and a twelve month high of $25.13.

Insider Buying and Selling

In related news, major shareholder James Fu Bin Lu sold 475,000 shares of the firm’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $10.01, for a total transaction of $4,754,750.00. Following the sale, the insider owned 18,432,101 shares of the company’s stock, valued at approximately $184,505,331.01. This trade represents a 2.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 2,904,766 shares of company stock worth $31,403,489. Company insiders own 67.70% of the company’s stock.

Institutional Trading of Grindr

Several hedge funds have recently added to or reduced their stakes in GRND. AQR Capital Management LLC raised its stake in Grindr by 289.1% during the 1st quarter. AQR Capital Management LLC now owns 88,134 shares of the company’s stock worth $1,578,000 after buying an additional 65,485 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Grindr by 2.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock worth $517,000 after buying an additional 762 shares during the period. Creative Planning acquired a new stake in Grindr during the 2nd quarter worth $310,000. Legal & General Group Plc raised its stake in Grindr by 33.8% during the 2nd quarter. Legal & General Group Plc now owns 30,341 shares of the company’s stock worth $689,000 after buying an additional 7,668 shares during the period. Finally, Rhumbline Advisers raised its stake in Grindr by 27.8% during the 2nd quarter. Rhumbline Advisers now owns 55,006 shares of the company’s stock worth $1,249,000 after buying an additional 11,963 shares during the period. 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.