Grindr Inc. (NYSE:GRND) Receives $22.33 Consensus Target Price from Brokerages

Shares of Grindr Inc. (NYSE:GRND) have received a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $22.3333.

A number of equities research analysts have commented on GRND shares. Citizens Jmp decreased their price objective on Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a research report on Monday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Grindr in a research report on Monday, December 29th.

Grindr Stock Performance

Shares of Grindr stock opened at $11.26 on Friday. Grindr has a 12 month low of $9.73 and a 12 month high of $25.13. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.73. The stock has a market cap of $2.08 billion, a PE ratio of -30.43 and a beta of 0.22. The business has a fifty day simple moving average of $12.13 and a 200-day simple moving average of $13.66.

Insiders Place Their Bets

In other Grindr news, major shareholder James Fu Bin Lu sold 600,000 shares of the stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $10.07, for a total value of $6,042,000.00. Following the completion of the sale, the insider owned 18,907,101 shares in the company, valued at $190,394,507.07. This represents a 3.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have purchased 605,000 shares of company stock valued at $7,930,000 and have sold 3,561,266 shares valued at $40,185,314. Corporate insiders own 67.70% of the company’s stock.

Hedge Funds Weigh In On Grindr

A number of hedge funds have recently modified their holdings of GRND. Vanguard Group Inc. boosted its position in Grindr by 0.4% during the third quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock valued at $34,430,000 after purchasing an additional 9,952 shares during the last quarter. Norges Bank acquired a new position in Grindr in the 4th quarter worth about $27,441,000. Quinn Opportunity Partners LLC acquired a new position in Grindr in the 4th quarter worth about $20,565,000. Jacobs Levy Equity Management Inc. raised its stake 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 purchasing an additional 1,058,084 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Grindr by 93.5% during the 2nd quarter. Bank of America Corp DE now owns 1,259,449 shares of the company’s stock worth $28,589,000 after purchasing an additional 608,554 shares in the last quarter. 7.22% of the stock is owned by institutional investors and hedge funds.

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.