Grindr Inc. (NYSE:GRND) Receives $20.00 Average Price Target from Analysts

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

Several research analysts have commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Grindr in a report on Friday, August 7th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $19.00 price objective on shares of Grindr in a research report on Friday, August 7th. Wall Street Zen downgraded shares of Grindr from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. TD Cowen reissued a “buy” rating on shares of Grindr in a report on Monday, June 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $20.00 target price on shares of Grindr in a report on Friday, August 7th.

Insider Activity

In other news, 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 owned 690,172 shares in the company, valued at approximately $12,347,177.08. This represents a 1.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 48,750 shares of company stock worth $763,270. Corporate insiders own 60.90% of the company’s stock.

Institutional Investors Weigh In On Grindr

Several institutional investors have recently added to or reduced their stakes in the business. Emmett Investment Management LP acquired a new stake in Grindr during the first quarter worth approximately $3,702,000. Dimensional Fund Advisors LP boosted its holdings in shares of Grindr by 77.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock valued at $16,881,000 after buying an additional 610,111 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Grindr by 194.0% in the 1st quarter. Quantinno Capital Management LP now owns 117,998 shares of the company’s stock valued at $1,427,000 after buying an additional 77,867 shares in the last quarter. SPX Gestao de Recursos Ltda grew its position in shares of Grindr by 13.4% in the 1st quarter. SPX Gestao de Recursos Ltda now owns 455,800 shares of the company’s stock valued at $5,511,000 after buying an additional 54,000 shares during the last quarter. Finally, Tikvah Management LLC purchased a new position in shares of Grindr in the 4th quarter valued at $10,964,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Grindr Trading Down 1.4%

NYSE:GRND opened at $15.78 on Friday. The stock has a fifty day moving average price of $15.11 and a 200 day moving average price of $13.21. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 442.30. The firm has a market cap of $2.74 billion, a PE ratio of 31.56 and a beta of 0.20. Grindr has a 12-month low of $9.73 and a 12-month high of $18.50.

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

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.