Grindr (NYSE:GRND) Shares Up 3% – Still a Buy?

Grindr Inc. (NYSE:GRND)’s share price rose 3% during mid-day trading on Thursday . The company traded as high as $15.42 and last traded at $15.3780. Approximately 53,035 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 1,553,268 shares. The stock had previously closed at $14.93.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wall Street Zen cut shares of Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Grindr in a research report on Friday, August 7th. Raymond James Financial reissued an “outperform” rating on shares of Grindr in a research note on Friday, August 7th. TD Cowen reaffirmed a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Grindr in a report on Tuesday. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Grindr has an average rating of “Moderate Buy” and an average target price of $20.00.

Grindr Stock Performance

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 stock’s fifty day simple moving average is $15.91 and its 200 day simple moving average is $13.80. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 30.66 and a beta of 0.19.

Grindr (NYSE:GRND) last issued its earnings results on Thursday, August 6th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate 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%. As a group, analysts anticipate that Grindr Inc. will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Zachary Katz sold 12,979 shares of Grindr 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 transaction, the insider owned 690,172 shares in the company, valued at $12,347,177.08. The trade was a 1.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel Baer sold 3,500 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $15.65, for a total transaction of $54,775.00. Following the transaction, the director directly owned 47,912 shares in the company, valued at approximately $749,822.80. The trade was 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. Insiders have sold 52,250 shares of company stock worth $818,045 in the last three months. 60.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Grindr

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 acquiring an additional 762 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Grindr by 8.0% in the second quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock valued at $332,000 after buying an additional 1,086 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Grindr by 69.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company’s stock valued at $40,000 after buying an additional 1,227 shares in the last quarter. Vident Advisory LLC raised its holdings in shares of Grindr by 2.6% in the 4th quarter. Vident Advisory LLC now owns 50,616 shares of the company’s stock valued at $685,000 after buying an additional 1,271 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after acquiring an additional 1,385 shares in the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.