Grindr (NYSE:GRND) Trading 6% Higher – Here’s Why

Grindr Inc. (NYSE:GRND)’s share price traded up 6% on Tuesday . The stock traded as high as $13.32 and last traded at $13.3860. 770,542 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 1,512,418 shares. The stock had previously closed at $12.63.

Analyst Ratings Changes

Several equities research analysts have commented on GRND shares. Morgan Stanley started coverage on shares of Grindr in a research report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price target on the stock. TD Cowen reiterated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Raymond James Financial reiterated an “outperform” rating and issued a $18.00 price target on shares of Grindr in a research report on Friday, May 8th. Finally, The Goldman Sachs Group dropped their price target on shares of Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.40.

Grindr Trading Up 5.9%

The firm’s 50-day simple moving average is $12.81 and its 200 day simple moving average is $12.46. The stock has a market capitalization of $2.38 billion, a P/E ratio of 27.89 and a beta of 0.24. 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 quarterly earnings results on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $129.94 million for the quarter, compared to analysts’ expectations of $119.42 million. Grindr had a return on equity of 123.31% and a net margin of 19.85%. Equities research analysts anticipate that Grindr Inc. will post 0.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Grindr

A number of institutional investors have recently bought and sold shares of GRND. SPX Gestao de Recursos Ltda lifted its stake in Grindr by 321.1% in the 3rd quarter. SPX Gestao de Recursos Ltda now owns 177,300 shares of the company’s stock worth $2,663,000 after acquiring an additional 135,200 shares in the last quarter. Fort Point Capital Partners LLC lifted its stake in Grindr by 123.7% in the 3rd quarter. Fort Point Capital Partners LLC now owns 225,545 shares of the company’s stock worth $3,388,000 after acquiring an additional 124,740 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Grindr by 33.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 346,122 shares of the company’s stock valued at $5,199,000 after acquiring an additional 87,076 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of Grindr in the 3rd quarter valued at about $1,310,000. Finally, Principal Financial Group Inc. increased its holdings in shares of Grindr by 108.1% in the 3rd quarter. Principal Financial Group Inc. now owns 154,345 shares of the company’s stock valued at $2,318,000 after purchasing an additional 80,175 shares during the period. Hedge funds and other institutional investors 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.