Grindr (NYSE:GRND) Upgraded to “Hold” at Wall Street Zen

Grindr (NYSE:GRND) was upgraded by stock analysts at Wall Street Zen to a “hold” rating in a report released on Saturday.

Other equities research analysts have also issued reports about the stock. Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. The Goldman Sachs Group cut their price target on shares of Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Raymond James Financial restated an “outperform” rating and issued a $18.00 price objective on shares of Grindr in a research report on Friday, May 8th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.40.

Grindr Price Performance

Shares of Grindr stock opened at $14.34 on Friday. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.32 and a quick ratio of 1.32. The business’s 50 day simple moving average is $13.00 and its two-hundred day simple moving average is $12.48. The stock has a market capitalization of $2.55 billion, a P/E ratio of 29.88 and a beta of 0.24. Grindr has a one year low of $9.73 and a one year high of $22.99.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. The firm 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%. Analysts forecast that Grindr will post 0.58 EPS for the current year.

Insider Activity

In related news, insider Zachary Katz sold 10,172 shares of the company’s stock in a transaction that occurred 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 transaction, the insider owned 738,922 shares in the company, valued at $9,820,273.38. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 60.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its holdings in Grindr by 289.1% in the 1st quarter. AQR Capital Management LLC now owns 88,134 shares of the company’s stock worth $1,578,000 after purchasing an additional 65,485 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Grindr by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock valued at $517,000 after buying an additional 762 shares during the period. Creative Planning purchased a new position in shares of Grindr during the second quarter valued at about $310,000. Legal & General Group Plc raised its stake in Grindr by 33.8% in the second quarter. Legal & General Group Plc now owns 30,341 shares of the company’s stock worth $689,000 after buying an additional 7,668 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Grindr by 27.8% in the second quarter. Rhumbline Advisers now owns 55,006 shares of the company’s stock worth $1,249,000 after buying an additional 11,963 shares in the last quarter. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.