Grindr Inc. (NYSE:GRND) Stock Has Average Target Price of $20.00

Shares of Grindr Inc. (NYSE:GRND) have received a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $20.00.

GRND has been the subject of a number of analyst reports. Raymond James Financial reaffirmed an “outperform” rating on shares of Grindr in a research report on Friday, August 7th. Wall Street Zen downgraded Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Morgan Stanley reissued an “overweight” rating on shares of Grindr in a research report on Tuesday, September 8th. The Goldman Sachs Group restated a “buy” rating and issued a $19.00 price target on shares of Grindr in a research note on Friday, August 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Grindr in a research note on Friday, August 7th.

Grindr Stock Up 1.1%

Shares of Grindr stock opened at $12.79 on Thursday. The stock has a market cap of $2.22 billion, a PE ratio of 25.58 and a beta of 0.19. Grindr has a 12 month low of $9.73 and a 12 month high of $18.50. The business has a fifty day simple moving average of $14.83 and a 200 day simple moving average of $13.62. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 442.30.

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

Insider Activity at Grindr

In other news, Director George Zage III sold 350,000 shares of the stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $14.23, for a total transaction of $4,980,500.00. Following the transaction, the director owned 6,777,743 shares in the company, valued at approximately $96,447,282.89. This trade represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel Baer sold 3,500 shares of Grindr 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 directly owned 47,912 shares of the company’s stock, valued at $749,822.80. This represents a 6.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,518,727 shares of company stock worth $22,055,758. Insiders own 60.90% of the company’s stock.

Hedge Funds Weigh In On Grindr

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Grindr in the 2nd quarter valued at about $49,159,000. Dimensional Fund Advisors LP lifted its position in shares of Grindr by 77.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock valued at $16,881,000 after acquiring an additional 610,111 shares during the period. Alberta Investment Management Corp acquired a new stake in Grindr in the second quarter worth $7,904,000. Bank of America Corp DE bought a new stake in Grindr in the second quarter valued at $4,758,000. Finally, Emmett Investment Management LP bought a new stake in Grindr in the first quarter valued at $3,702,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Grindr Company Profile

Grindr Inc (NYSE:GRND) operates a social networking and dating platform designed primarily for the LGBTQ+ community. Its mobile application helps users discover and connect with people nearby, communicate through messaging, and build social and dating relationships.

The company offers a free, advertising-supported version of its app along with subscription services that provide additional features, including expanded browsing and communication capabilities. Grindr also provides related digital products and services intended to support user interaction and engagement on its platform.

Founded in 2009, Grindr serves users in markets around the world and has developed one of the largest global LGBTQ+ social networking communities.