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

Grindr Inc. (NYSE:GRND) has received a consensus rating of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $18.40.

A number of analysts have recently weighed in on GRND shares. Morgan Stanley started coverage on shares of Grindr in a research note on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price objective for the company. TD Cowen reduced their price objective on shares of Grindr from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. The Goldman Sachs Group reduced their price objective on shares of Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Raymond James Financial restated an “outperform” rating and issued a $18.00 price objective on shares of Grindr in a research note on Friday, May 8th.

Institutional Trading of Grindr

Institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Grindr by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock worth $517,000 after acquiring an additional 762 shares during the period. The Manufacturers Life Insurance Company increased its position in Grindr by 8.0% during the second quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock worth $332,000 after acquiring an additional 1,086 shares during the period. Caitong International Asset Management Co. Ltd increased its position in Grindr by 69.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company’s stock worth $40,000 after acquiring an additional 1,227 shares during the period. Vident Advisory LLC increased its position in Grindr by 2.6% during the fourth quarter. Vident Advisory LLC now owns 50,616 shares of the company’s stock worth $685,000 after acquiring an additional 1,271 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Grindr by 1,473.4% during the second 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 during the period. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Grindr Price Performance

Shares of Grindr stock opened at $12.48 on Monday. The firm has a fifty day simple moving average of $12.99 and a 200-day simple moving average of $12.64. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 442.30. Grindr has a 1-year low of $9.73 and a 1-year high of $25.13. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 26.00 and a beta of 0.24.

Grindr (NYSE:GRND) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The business had revenue of $129.94 million during the quarter, compared to analysts’ expectations of $119.42 million. On average, sell-side analysts expect that Grindr will post 0.58 earnings per share for the current year.

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.