Brokerages Set Grindr Inc. (NYSE:GRND) Price Target at $20.00

Grindr Inc. (NYSE:GRND) has been assigned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $20.00.

GRND has been the topic of several research analyst reports. Morgan Stanley restated an “overweight” rating and issued a $20.00 price objective on shares of Grindr in a report on Friday, August 7th. Raymond James Financial reaffirmed an “outperform” rating on shares of Grindr in a research note on Friday, August 7th. The Goldman Sachs Group reiterated a “buy” rating and set a $19.00 price target on shares of Grindr in a research report on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Grindr in a research note on Friday, August 7th. Finally, Wall Street Zen lowered shares of Grindr from a “buy” rating to a “hold” rating in a report on Saturday, August 1st.

Grindr Price Performance

NYSE:GRND opened at $15.59 on Friday. Grindr has a 52 week low of $9.73 and a 52 week high of $18.50. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 442.30. The company has a market capitalization of $2.71 billion, a P/E ratio of 31.18 and a beta of 0.20. The stock’s fifty day moving average is $15.44 and its two-hundred day moving average is $13.32.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.06). The business had revenue of $138.14 million during the quarter, compared to analyst estimates of $132.50 million. Grindr had a net margin of 18.75% and a return on equity of 357.13%. Equities analysts expect that Grindr will post 0.51 EPS for the current year.

Insider Buying and Selling at Grindr

In related news, Director Daniel Brooks Baer sold 3,500 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $15.65, for a total value of $54,775.00. Following the sale, the director owned 47,912 shares in the company, valued at approximately $749,822.80. The trade was a 6.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Zachary Katz sold 12,979 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $17.89, for a total value of $232,194.31. Following the transaction, the insider directly owned 690,172 shares in the company, valued at approximately $12,347,177.08. The trade was a 1.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 52,250 shares of company stock valued at $818,045. Company insiders own 60.90% of the company’s stock.

Institutional Trading of Grindr

A number of institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC lifted its position in shares of Grindr by 289.1% during the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Grindr by 2.7% in 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 in the last quarter. Creative Planning purchased a new stake in Grindr during the 2nd quarter worth approximately $310,000. Legal & General Group Plc increased 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 increased 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. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

About Grindr

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.