Wall Street Zen Upgrades Grindr (NYSE:GRND) to “Buy”

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

GRND has been the subject of several other reports. Citizens Jmp began coverage on Grindr in a research note on Monday, June 30th. They issued an “outperform” rating and a $27.00 price target for the company. JMP Securities lowered their price target on Grindr from $27.00 to $23.00 and set a “market outperform” rating for the company in a report on Monday, August 11th. Raymond James Financial lowered their price target on Grindr from $26.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, August 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Grindr in a report on Saturday, September 27th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.60.

Grindr Stock Down 4.4%

Shares of Grindr stock opened at $14.11 on Friday. The business’s 50 day simple moving average is $16.10 and its 200 day simple moving average is $19.48. Grindr has a 52-week low of $11.51 and a 52-week high of $25.13. The firm has a market cap of $2.71 billion, a PE ratio of -32.06 and a beta of 0.23. The company has a debt-to-equity ratio of 1.43, a quick ratio of 2.48 and a current ratio of 2.48.

Grindr (NYSE:GRND) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $104.40 million. Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The firm’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.13) EPS. On average, analysts predict that Grindr will post 0.29 earnings per share for the current fiscal year.

Insider Transactions at Grindr

In other Grindr news, insider Zachary Katz sold 7,644 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $15.64, for a total value of $119,552.16. Following the sale, the insider owned 555,984 shares in the company, valued at approximately $8,695,589.76. The trade was a 1.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vandana Mehta-Krantz sold 43,565 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $16.89, for a total value of $735,812.85. Following the completion of the sale, the chief financial officer owned 688,047 shares in the company, valued at $11,621,113.83. This trade represents a 5.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,902 shares of company stock worth $1,213,185 in the last quarter. Corporate insiders own 67.70% of the company’s stock.

Institutional Investors Weigh In On Grindr

Institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its position in shares of Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after purchasing an additional 1,385 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Grindr during the 2nd quarter valued at about $39,000. CWM LLC boosted its position in shares of Grindr by 838.5% during the 1st quarter. CWM LLC now owns 1,924 shares of the company’s stock valued at $34,000 after purchasing an additional 1,719 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock valued at $38,000 after purchasing an additional 662 shares in the last quarter. Finally, Huntington National Bank bought a new stake in shares of Grindr during the 2nd quarter valued at about $64,000. Institutional investors own 7.22% of the company’s stock.

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.