Grindr (NYSE:GRND) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Grindr (NYSE:GRND) from a buy rating to a hold rating in a report released on Saturday morning.

Several other brokerages have also commented on GRND. Morgan Stanley upgraded shares of Grindr from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $15.00 to $18.00 in a research note on Wednesday, July 1st. Raymond James Financial restated an “outperform” rating and set a $18.00 target price 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 report on Monday, May 11th. Finally, TD Cowen reiterated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $19.20.

Grindr Stock Up 3.5%

Shares of GRND opened at $17.95 on Friday. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $3.19 billion, a PE ratio of 37.41 and a beta of 0.20. The company’s 50-day simple moving average is $14.18 and its 200-day simple moving average is $12.90. Grindr has a 1 year low of $9.73 and a 1 year high of $18.69.

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

Insider Activity at Grindr

In other news, insider Zachary Katz sold 12,800 shares of Grindr stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total transaction of $208,384.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,771 shares of company stock worth $531,075 over the last quarter. 60.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Grindr

Several large investors have recently added to or reduced their stakes in the business. Emmett Investment Management LP purchased a new stake in shares of Grindr in the first quarter worth about $3,702,000. SPX Gestao de Recursos Ltda grew its stake in shares of Grindr by 13.4% in the first quarter. SPX Gestao de Recursos Ltda now owns 455,800 shares of the company’s stock valued at $5,511,000 after buying an additional 54,000 shares in the last quarter. Tikvah Management LLC purchased a new stake in shares of Grindr during the 4th quarter valued at about $10,964,000. Los Angeles Capital Management LLC raised its stake in shares of Grindr by 141.2% during the fourth quarter. Los Angeles Capital Management LLC now owns 129,319 shares of the company’s stock valued at $1,796,000 after purchasing an additional 75,704 shares during the period. Finally, Norges Bank purchased a new position in shares of Grindr in the fourth quarter valued at $27,441,000. 7.22% of the stock is currently owned by hedge funds and other 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.