Grindr Inc. (NYSE:GRND) Given Average Recommendation of “Moderate Buy” by Brokerages

Grindr Inc. (NYSE:GRND) has been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $22.50.

A number of brokerages recently commented on GRND. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grindr in a research report on Monday. Citizens Jmp decreased their target price on shares of Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a research note on Monday, November 10th. Finally, Wall Street Zen downgraded shares of Grindr from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th.

Insider Activity

In other news, Director George Raymond Zage III purchased 1,000,000 shares of the business’s stock in a transaction dated Thursday, October 9th. The stock was bought at an average cost of $13.15 per share, with a total value of $13,150,000.00. Following the purchase, the director directly owned 7,733,283 shares of the company’s stock, valued at approximately $101,692,671.45. This trade represents a 14.85% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James Fu Bin Lu sold 1,000,000 shares of Grindr stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $13.15, for a total value of $13,150,000.00. Following the sale, the director owned 25,588,867 shares of the company’s stock, valued at approximately $336,493,601.05. This represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders acquired 1,605,000 shares of company stock worth $21,080,000 and sold 4,018,517 shares worth $54,581,611. Corporate insiders own 67.70% of the company’s stock.

Institutional Trading of Grindr

Large investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd acquired a new position in shares of Grindr during the 3rd quarter worth $26,000. EverSource Wealth Advisors LLC boosted its holdings in Grindr by 1,473.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after purchasing an additional 1,385 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Grindr during the second quarter worth $39,000. CWM LLC increased its position in Grindr by 28.7% during the second quarter. CWM LLC now owns 2,476 shares of the company’s stock worth $56,000 after buying an additional 552 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd raised its holdings in Grindr by 190.7% during the third quarter. Aster Capital Management DIFC Ltd now owns 3,793 shares of the company’s stock valued at $57,000 after buying an additional 2,488 shares in the last quarter. 7.22% of the stock is owned by institutional investors.

Grindr Stock Up 1.0%

Shares of Grindr stock opened at $13.54 on Friday. Grindr has a 1 year low of $11.73 and a 1 year high of $25.13. The company has a market cap of $2.50 billion, a P/E ratio of -36.59 and a beta of 0.23. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.73. The stock has a 50-day moving average price of $13.70 and a 200 day moving average price of $16.10.

Grindr (NYSE:GRND) last issued its earnings results on Thursday, November 6th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. The company had revenue of $115.77 million for the quarter, compared to the consensus estimate of $113.53 million. Grindr had a positive return on equity of 80.21% and a negative net margin of 11.99%.The firm’s quarterly revenue was up 29.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 EPS. As a group, analysts expect that Grindr will post 0.29 EPS 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.