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

Grindr Inc. (NYSE:GRND) has earned an average recommendation of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $18.40.

GRND has been the subject of a number of recent analyst reports. The Goldman Sachs Group cut their target price on Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Weiss Ratings upgraded Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Raymond James Financial reiterated an “outperform” rating and set a $18.00 target price on shares of Grindr in a research report on Friday, May 8th. Finally, TD Cowen reiterated a “buy” rating on shares of Grindr in a research report on Monday, June 1st.

Insider Buying and Selling at Grindr

In other news, insider Zachary Katz sold 10,172 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $13.29, for a total transaction of $135,185.88. Following the completion of the sale, the insider directly owned 738,922 shares in the company, valued at approximately $9,820,273.38. This represents a 1.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 60.90% of the company’s stock.

Institutional Trading of Grindr

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Grindr by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock valued at $34,430,000 after acquiring an additional 9,952 shares during the period. Norges Bank acquired a new position in shares of Grindr during the 4th quarter worth $27,441,000. Quinn Opportunity Partners LLC acquired a new position in shares of Grindr during the 4th quarter worth $20,565,000. Dimensional Fund Advisors LP raised its holdings 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 worth $16,881,000 after buying an additional 610,111 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Grindr by 327.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,381,211 shares of the company’s stock worth $20,746,000 after buying an additional 1,058,084 shares in the last quarter. 7.22% of the stock is currently owned by institutional investors.

Grindr Stock Performance

GRND opened at $13.63 on Friday. The business has a fifty day simple moving average of $12.97 and a 200 day simple moving average of $12.47. The company has a market capitalization of $2.42 billion, a PE ratio of 28.40 and a beta of 0.24. Grindr has a 1 year low of $9.73 and a 1 year high of $22.99. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.32 and a quick ratio of 1.32.

Grindr (NYSE:GRND) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.01. The business had revenue of $129.94 million during the quarter, compared to the consensus estimate of $119.42 million. Grindr had a return on equity of 123.31% and a net margin of 19.85%. Research analysts expect that Grindr will post 0.58 EPS for the current 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.