Grindr Inc. (NYSE:GRND) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Grindr Inc. (NYSE:GRND) have earned an average rating of “Moderate Buy” from the six brokerages that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $18.80.

A number of research analysts have weighed in on GRND shares. Weiss Ratings raised Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, March 4th. TD Cowen dropped their target price on shares of Grindr from $26.00 to $22.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. 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, Morgan Stanley started coverage on shares of Grindr in a research report on Tuesday, February 24th. They set an “equal weight” rating and a $14.00 target price on the stock.

Grindr Price Performance

Shares of NYSE GRND opened at $12.47 on Wednesday. Grindr has a fifty-two week low of $9.73 and a fifty-two week high of $25.13. The company has a debt-to-equity ratio of 8.00, a quick ratio of 1.96 and a current ratio of 1.96. The company has a 50 day simple moving average of $11.55 and a two-hundred day simple moving average of $13.18. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 29.01 and a beta of 0.23.

Insider Buying and Selling

In related news, major shareholder James Fu Bin Lu sold 600,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $10.07, for a total transaction of $6,042,000.00. Following the completion of the sale, the insider directly owned 18,907,101 shares of the company’s stock, valued at approximately $190,394,507.07. This trade represents a 3.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 3,559,766 shares of company stock worth $40,166,264. Corporate insiders own 67.70% of the company’s stock.

Institutional Trading of Grindr

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 worth $517,000 after purchasing an additional 762 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in Grindr by 41.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,407 shares of the company’s stock worth $77,000 after buying an additional 1,002 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Grindr by 8.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock valued at $332,000 after buying an additional 1,086 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Grindr by 69.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company’s stock valued at $40,000 after buying an additional 1,227 shares during the period. Finally, Vident Advisory LLC grew its stake in Grindr by 2.6% in the 4th quarter. Vident Advisory LLC now owns 50,616 shares of the company’s stock worth $685,000 after acquiring an additional 1,271 shares in the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

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.