Grindr Inc. (NYSE:GRND) Stock Has Consensus Target Price of $20.00 According to Analysts

Shares of Grindr Inc. (NYSE:GRND) have been assigned a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $20.00.

Several research analysts have recently weighed in on GRND shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Grindr in a research note on Friday, August 7th. Morgan Stanley reiterated an “overweight” rating on shares of Grindr in a research report on Tuesday, September 8th. Citigroup reissued a “market outperform” rating on shares of Grindr in a research note on Thursday, October 1st. Raymond James Financial reissued an “outperform” rating on shares of Grindr in a report on Friday, August 7th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $19.00 price objective on shares of Grindr in a research report on Friday, August 7th.

Insider Activity

In related news, Director George Zage III sold 292,270 shares of the company’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $13.65, for a total transaction of $3,989,485.50. Following the completion of the transaction, the director owned 7,127,743 shares in the company, valued at $97,293,691.95. This represents a 3.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Zachary Katz sold 12,979 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $17.89, for a total transaction of $232,194.31. Following the completion of the transaction, the insider directly owned 690,172 shares in the company, valued at $12,347,177.08. This represents a 1.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,016,479 shares of company stock worth $14,995,045 over the last 90 days. 60.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Grindr

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Grindr during the second quarter valued at approximately $49,159,000. Norges Bank purchased a new position in shares of Grindr in the fourth quarter valued at approximately $27,441,000. Tikvah Management LLC boosted its stake in shares of Grindr by 8.1% in the second quarter. Tikvah Management LLC now owns 1,463,720 shares of the company’s stock worth $21,034,000 after acquiring an additional 109,100 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Grindr by 77.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock worth $16,881,000 after acquiring an additional 610,111 shares during the last quarter. Finally, Alberta Investment Management Corp acquired a new stake in shares of Grindr in the second quarter worth approximately $7,904,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Grindr Price Performance

Shares of NYSE GRND opened at $15.08 on Friday. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 30.15 and a beta of 0.19. The firm’s 50 day simple moving average is $15.63 and its 200-day simple moving average is $14.31. Grindr has a 12 month low of $9.73 and a 12 month high of $18.50.

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

Grindr Company Profile

Grindr Inc operates a social networking and online dating platform designed primarily for the LGBTQ+ community. Its flagship Grindr app enables users to discover and connect with people nearby, create profiles, exchange messages, share photos, and use location-based features for social and dating purposes.

The company offers a free version of its service supported by advertising, along with paid subscription products that provide additional features, including expanded browsing and messaging capabilities.