Grindr (NYSE:GRND) Upgraded at Wall Street Zen

Grindr (NYSE:GRND) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Sunday.

A number of other equities research analysts have also recently commented on GRND. Raymond James Financial reissued an “outperform” rating and issued a $18.00 target price on shares of Grindr in a research note on Friday, May 8th. Weiss Ratings raised Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. TD Cowen reiterated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Finally, Morgan Stanley raised shares of Grindr from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $15.00 to $18.00 in a research report on Wednesday. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Grindr has a consensus rating of “Moderate Buy” and a consensus price target of $19.20.

Grindr Stock Performance

Shares of GRND opened at $16.09 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 442.30. The business’s 50 day moving average price is $13.21 and its 200-day moving average price is $12.54. Grindr has a 52 week low of $9.73 and a 52 week high of $22.73. The stock has a market cap of $2.86 billion, a P/E ratio of 33.51 and a beta of 0.22.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.01. Grindr had a return on equity of 123.31% and a net margin of 19.85%.The company had revenue of $129.94 million for the quarter, compared to the consensus estimate of $119.42 million. Equities research analysts anticipate that Grindr will post 0.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Zachary Katz sold 12,800 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total value of $208,384.00. Following the completion of the transaction, the insider directly owned 713,323 shares in the company, valued at $11,612,898.44. The trade was a 1.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 35,771 shares of company stock valued at $531,075. 60.90% of the stock is owned by insiders.

Institutional Trading of Grindr

Several institutional investors have recently added to or reduced their stakes in GRND. Vanguard Group Inc. raised its stake in shares of Grindr by 0.4% in the third quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock worth $34,430,000 after purchasing an additional 9,952 shares during the last quarter. Norges Bank bought a new position in shares of Grindr during the fourth quarter valued at $27,441,000. Quinn Opportunity Partners LLC purchased a new stake in shares of Grindr during the fourth quarter valued at $20,565,000. Dimensional Fund Advisors LP boosted its position in shares of Grindr by 77.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock valued at $16,881,000 after buying an additional 610,111 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Grindr by 327.5% in 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 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.