Grindr (NYSE:GRND) Trading 6% Higher – Here’s Why

Shares of Grindr Inc. (NYSE:GRND) rose 6% on Tuesday . The company traded as high as $13.32 and last traded at $13.3860. Approximately 770,542 shares were traded during trading, a decline of 49% from the average daily volume of 1,512,418 shares. The stock had previously closed at $12.63.

Analysts Set New Price Targets

Several research firms have recently issued reports on GRND. Raymond James Financial reissued an “outperform” rating and issued a $18.00 price objective on shares of Grindr in a research report on Friday, May 8th. Weiss Ratings raised shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Morgan Stanley initiated coverage on Grindr in a research report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price objective on the stock. The Goldman Sachs Group reduced their price objective on Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Finally, TD Cowen reaffirmed a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Grindr has a consensus rating of “Moderate Buy” and a consensus price target of $18.40.

Grindr Price Performance

The company has a 50 day moving average of $12.81 and a 200-day moving average of $12.46. The stock has a market capitalization of $2.38 billion, a P/E ratio of 27.89 and a beta of 0.24. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 442.30.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.14 earnings per share (EPS) 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 firm had revenue of $129.94 million for the quarter, compared to analysts’ expectations of $119.42 million. Sell-side analysts predict that Grindr Inc. will post 0.58 EPS for the current year.

Institutional Investors Weigh In On Grindr

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