Brokerages Set Grindr Inc. (NYSE:GRND) Target Price at $18.40

Shares of Grindr Inc. (NYSE:GRND) have been given an average recommendation of “Moderate Buy” by the six brokerages that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $19.20.

Several equities research analysts have commented on GRND shares. Wall Street Zen upgraded shares of Grindr to a “hold” rating in a research note on Saturday, June 27th. Raymond James Financial reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Grindr in a report on Friday, May 8th. TD Cowen reiterated a “buy” rating on shares of Grindr in a report on Monday, June 1st. Weiss Ratings upgraded Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Morgan Stanley raised Grindr from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $15.00 to $18.00 in a research report on Wednesday.

Grindr Stock Performance

NYSE GRND opened at $16.09 on Friday. The company has a fifty day moving average price of $13.16 and a 200-day moving average price of $12.52. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of 33.51 and a beta of 0.22. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.32 and a quick ratio of 1.32. Grindr has a 1 year low of $9.73 and a 1 year high of $22.73.

Grindr (NYSE:GRND) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The company had revenue of $129.94 million for the quarter, compared to analyst estimates of $119.42 million. As a group, equities research analysts predict that Grindr will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Grindr news, insider Zachary Katz sold 12,800 shares of Grindr stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total value of $208,384.00. Following the sale, the insider owned 713,323 shares of the company’s stock, valued at approximately $11,612,898.44. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,771 shares of company stock valued at $531,075 over the last 90 days. Insiders own 60.90% of the company’s stock.

Institutional Investors Weigh In On Grindr

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in shares of Grindr by 289.1% in the 1st quarter. AQR Capital Management LLC now owns 88,134 shares of the company’s stock worth $1,578,000 after purchasing an additional 65,485 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Grindr by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock valued at $517,000 after purchasing an additional 762 shares during the period. Creative Planning bought a new position in Grindr during the second quarter valued at $310,000. Legal & General Group Plc increased its position in Grindr by 33.8% in the second 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 last quarter. Finally, Rhumbline Advisers increased its position in Grindr by 27.8% in the second 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 last quarter. 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.