Grindr (NYSE:GRND) Shares Gap Up – What’s Next?

Grindr Inc. (NYSE:GRND)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $14.37, but opened at $15.28. Grindr shares last traded at $15.9560, with a volume of 1,138,231 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GRND. Raymond James Financial restated an “outperform” rating and set a $18.00 target price on shares of Grindr in a research note on Friday, May 8th. Wall Street Zen upgraded shares of Grindr to a “hold” rating in a research note on Saturday, June 27th. Weiss Ratings raised shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. TD Cowen restated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Finally, Morgan Stanley upgraded Grindr from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $15.00 to $18.00 in a report on Wednesday. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.20.

Grindr Stock Up 2.5%

The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 442.30. The stock has a market cap of $2.86 billion, a P/E ratio of 33.51 and a beta of 0.22. The firm has a 50-day simple moving average of $13.16 and a two-hundred day simple moving average of $12.52.

Grindr (NYSE:GRND) last announced its earnings results on Thursday, May 7th. The company reported $0.14 earnings per share (EPS) for the quarter, beating 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 company had revenue of $129.94 million during the quarter, compared to analysts’ expectations of $119.42 million. Equities research analysts expect that Grindr Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Transactions at Grindr

In other Grindr news, insider Zachary Katz sold 12,800 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total transaction of $208,384.00. Following the transaction, the insider owned 713,323 shares in the company, valued at $11,612,898.44. This represents a 1.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 35,771 shares of company stock valued at $531,075. Insiders own 60.90% of the company’s stock.

Institutional Investors Weigh In On Grindr

Institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Grindr by 2.7% in 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 last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Grindr by 8.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock valued at $332,000 after purchasing an additional 1,086 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Grindr by 69.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company’s stock valued at $40,000 after purchasing an additional 1,227 shares during the last quarter. Vident Advisory LLC increased its position in Grindr by 2.6% during the 4th quarter. Vident Advisory LLC now owns 50,616 shares of the company’s stock worth $685,000 after purchasing an additional 1,271 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after purchasing an additional 1,385 shares in the last quarter. 7.22% of the stock is currently owned by institutional investors.

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.