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

Grindr Inc. (NYSE:GRND) has been assigned an average rating of “Moderate Buy” from the six brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $19.20.

A number of equities research analysts have recently weighed in on GRND shares. Wall Street Zen raised Grindr from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. Morgan Stanley upgraded Grindr from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $15.00 to $18.00 in a research report on Wednesday, July 1st. Weiss Ratings raised Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. TD Cowen reiterated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Finally, Raymond James Financial reissued an “outperform” rating and issued a $18.00 price target on shares of Grindr in a research note on Friday, May 8th.

Grindr Stock Up 2.2%

GRND stock opened at $15.60 on Tuesday. The stock has a market cap of $2.77 billion, a PE ratio of 32.49 and a beta of 0.22. The firm’s 50-day simple moving average is $13.65 and its 200 day simple moving average is $12.70. Grindr has a fifty-two week low of $9.73 and a fifty-two week high of $20.10. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 442.30.

Grindr (NYSE:GRND) last posted its earnings results on Thursday, May 7th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The firm had revenue of $129.94 million during the quarter, compared to analyst estimates of $119.42 million. As a group, sell-side analysts predict that Grindr will post 0.59 EPS for the current year.

Insider Buying and Selling at Grindr

In related news, insider Zachary Katz sold 12,800 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total value of $208,384.00. Following the completion of the sale, the insider owned 713,323 shares of the company’s stock, valued at $11,612,898.44. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,771 shares of company stock worth $531,075 in the last quarter. 60.90% of the stock is owned by insiders.

Institutional Trading of Grindr

A number of institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its stake in shares of Grindr by 289.1% during the first quarter. AQR Capital Management LLC now owns 88,134 shares of the company’s stock valued at $1,578,000 after acquiring an additional 65,485 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Grindr by 2.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock valued at $517,000 after purchasing an additional 762 shares in the last quarter. Creative Planning acquired a new position in shares of Grindr during the 2nd quarter valued at $310,000. Legal & General Group Plc increased its position in shares of Grindr by 33.8% during the 2nd quarter. Legal & General Group Plc now owns 30,341 shares of the company’s stock valued at $689,000 after purchasing an additional 7,668 shares during the period. Finally, Rhumbline Advisers increased its position in shares of Grindr by 27.8% during the 2nd quarter. Rhumbline Advisers now owns 55,006 shares of the company’s stock valued at $1,249,000 after purchasing an additional 11,963 shares during the period. 7.22% of the stock is owned by institutional investors and hedge funds.

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.