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

Grindr (NYSE:GRND) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Sunday.

Several other research analysts have also weighed in on GRND. JMP Securities dropped their price objective on shares of Grindr from $27.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, August 11th. Raymond James Financial dropped their price objective on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Citizens Jmp assumed coverage on shares of Grindr in a research note on Monday, June 30th. They issued an “outperform” rating and a $27.00 price objective on the stock. Finally, The Goldman Sachs Group upped their price objective on shares of Grindr from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Grindr presently has an average rating of “Moderate Buy” and an average target price of $22.60.

Grindr Stock Up 1.3%

GRND stock opened at $16.55 on Friday. The firm has a market capitalization of $3.24 billion, a P/E ratio of -37.61 and a beta of 0.25. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.48 and a quick ratio of 4.22. The company’s 50 day simple moving average is $20.44 and its 200-day simple moving average is $20.00. Grindr has a 52-week low of $11.39 and a 52-week high of $25.13.

Grindr (NYSE:GRND) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $104.00 million during the quarter, compared to analyst estimates of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The firm’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.13) EPS. As a group, equities research analysts anticipate that Grindr will post 0.29 EPS for the current year.

Insider Buying and Selling at Grindr

In other Grindr news, insider Zachary Katz sold 14,693 shares of the business’s stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $19.25, for a total value of $282,840.25. Following the completion of the sale, the insider directly owned 595,112 shares of the company’s stock, valued at $11,455,906. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Vandana Mehta-Krantz sold 43,565 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $16.89, for a total transaction of $735,812.85. Following the completion of the sale, the chief financial officer directly owned 688,047 shares of the company’s stock, valued at $11,621,113.83. This represents a 5.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,112,674 shares of company stock valued at $74,092,796. 67.70% of the stock is currently owned by insiders.

Institutional Trading of Grindr

Several large investors have recently modified their holdings of GRND. CWM LLC boosted its holdings in shares of Grindr by 838.5% during the 1st quarter. CWM LLC now owns 1,924 shares of the company’s stock worth $34,000 after buying an additional 1,719 shares during the period. EverSource Wealth Advisors LLC lifted 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 acquiring an additional 1,385 shares during the last quarter. GAMMA Investing LLC lifted its position in Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock worth $38,000 after acquiring an additional 662 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Grindr during the 2nd quarter worth $39,000. Finally, Russell Investments Group Ltd. lifted its position in Grindr by 31.9% during the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after acquiring an additional 642 shares during the last quarter. 7.22% of the stock is owned by institutional investors.

About Grindr

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.