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

Shares of Grindr Inc. (NYSE:GRND) have received a consensus recommendation of “Moderate Buy” from the five research firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $22.3333.

Several equities analysts have recently weighed in on GRND shares. Citizens Jmp reduced their price target on Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a research report on Monday, November 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grindr in a research note on Monday, December 29th.

Insider Buying and Selling

In other Grindr news, major shareholder James Fu Bin Lu sold 600,000 shares of the company’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $10.07, for a total value of $6,042,000.00. Following the transaction, the insider directly owned 18,907,101 shares in the company, valued at $190,394,507.07. This represents a 3.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders bought 605,000 shares of company stock worth $7,930,000 and sold 3,590,649 shares worth $40,553,189. 67.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Grindr

A number of institutional investors have recently made changes to their positions in GRND. EverSource Wealth Advisors LLC raised its position in Grindr by 1,473.4% during the second 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. purchased a new position in Grindr in the 2nd quarter worth $39,000. Caitong International Asset Management Co. Ltd bought a new stake in Grindr in the third quarter worth $26,000. CWM LLC boosted its position in Grindr by 28.7% during the second quarter. CWM LLC now owns 2,476 shares of the company’s stock valued at $56,000 after buying an additional 552 shares during the period. Finally, Huntington National Bank bought a new position in shares of Grindr during the second quarter valued at about $64,000. Institutional investors own 7.22% of the company’s stock.

Grindr Stock Up 3.2%

Grindr stock opened at $11.22 on Friday. The firm has a 50 day simple moving average of $12.16 and a 200 day simple moving average of $13.77. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.73. Grindr has a 1-year low of $9.73 and a 1-year high of $25.13. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -30.33 and a beta of 0.22.

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.