Grindr Inc. (NYSE:GRND) Receives Average Rating of “Moderate Buy” from Brokerages

Grindr Inc. (NYSE:GRND) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $20.00.

Several equities analysts have issued reports on GRND shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Grindr in a report on Friday, August 7th. Citigroup reiterated a “market outperform” rating on shares of Grindr in a report on Thursday, October 1st. Raymond James Financial reissued an “outperform” rating on shares of Grindr in a research report on Friday, August 7th. Wall Street Zen downgraded Grindr from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Grindr in a research report on Tuesday, September 8th.

Grindr Stock Performance

GRND stock opened at $14.96 on Friday. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 29.93 and a beta of 0.19. The firm has a 50-day simple moving average of $15.67 and a two-hundred day simple moving average of $14.30. Grindr has a one year low of $9.73 and a one year high of $18.50. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.10 and a current ratio of 1.10.

Grindr (NYSE:GRND) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.06). Grindr had a return on equity of 357.13% and a net margin of 18.75%.The firm had revenue of $138.14 million for the quarter, compared to the consensus estimate of $132.50 million. On average, equities analysts forecast that Grindr will post 0.51 EPS for the current fiscal year.

Insider Transactions at Grindr

In other news, Director George Zage III sold 292,270 shares of the company’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $13.65, for a total transaction of $3,989,485.50. Following the transaction, the director owned 7,127,743 shares in the company, valued at $97,293,691.95. This represents a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel Baer sold 3,500 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $15.65, for a total transaction of $54,775.00. Following the transaction, the director owned 47,912 shares in the company, valued at approximately $749,822.80. This trade represents a 6.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 1,016,479 shares of company stock worth $14,995,045. Insiders own 60.90% of the company’s stock.

Institutional Investors Weigh In On Grindr

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc boosted its stake in shares of Grindr by 53.8% during the 3rd quarter. Versant Capital Management Inc now owns 3,825 shares of the company’s stock worth $59,000 after acquiring an additional 1,338 shares in the last quarter. AXQ Capital LP grew its position in shares of Grindr by 11.2% during the 4th quarter. AXQ Capital LP now owns 20,401 shares of the company’s stock valued at $276,000 after acquiring an additional 2,058 shares during the period. Rockefeller Capital Management L.P. purchased a new position in shares of Grindr in the 4th quarter valued at about $45,000. Bank of New York Mellon Corp increased its stake in shares of Grindr by 5.0% in the 1st quarter. Bank of New York Mellon Corp now owns 113,388 shares of the company’s stock valued at $1,371,000 after purchasing an additional 5,429 shares in the last quarter. Finally, State of Wyoming acquired a new position in Grindr in the 2nd quarter worth about $83,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

About Grindr

Grindr Inc operates a social networking and online dating platform designed primarily for the LGBTQ+ community. Its flagship Grindr app enables users to discover and connect with people nearby, create profiles, exchange messages, share photos, and use location-based features for social and dating purposes.

The company offers a free version of its service supported by advertising, along with paid subscription products that provide additional features, including expanded browsing and messaging capabilities.