Grindr (NYSE:GRND) Shares Gap Down – Here’s What Happened

Grindr Inc. (NYSE:GRND)’s share price gapped down before the market opened on Friday . The stock had previously closed at $15.66, but opened at $15.34. Grindr shares last traded at $15.48, with a volume of 38,109 shares traded.

Analyst Ratings Changes

Several equities research analysts have commented on GRND shares. TD Cowen reiterated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Morgan Stanley restated an “overweight” rating and issued a $20.00 target price on shares of Grindr in a research note on Friday, August 7th. Weiss Ratings reaffirmed 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 target on shares of Grindr in a research report on Friday, August 7th. Finally, Wall Street Zen lowered Grindr from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Grindr Price Performance

The firm has a market cap of $2.73 billion, a PE ratio of 31.36 and a beta of 0.20. 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 business’s fifty day moving average is $15.36 and its 200-day moving average is $13.30.

Grindr (NYSE:GRND) last released its earnings results 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 net margin of 18.75% and a return on equity of 357.13%. The company had revenue of $138.14 million during the quarter, compared to analysts’ expectations of $132.50 million. On average, research analysts predict that Grindr Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Activity at Grindr

In other news, insider Zachary Katz sold 12,979 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $17.89, for a total transaction of $232,194.31. Following the completion of 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 Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 48,750 shares of company stock worth $763,270. 60.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Grindr

Institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd purchased a new position in shares of Grindr in the third quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its holdings in Grindr by 1,473.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after buying an additional 1,385 shares during the period. Raymond James Financial Inc. bought a new position in Grindr in the 2nd quarter worth approximately $39,000. CWM LLC grew its stake in Grindr by 713.8% in the 4th quarter. CWM LLC now owns 2,946 shares of the company’s stock valued at $40,000 after buying an additional 2,584 shares in the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new position in Grindr in the 4th quarter valued at approximately $45,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.