Raymond James Forecasts Strong Price Appreciation for Grindr (NYSE:GRND) Stock

Grindr (NYSE:GRND) had its price target raised by equities researchers at Raymond James from $16.00 to $19.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ price target suggests a potential upside of 26.67% from the stock’s current price.

GRND has been the subject of several other reports. TD Cowen raised their target price on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $17.00 price objective on shares of Grindr in a research note on Monday, July 15th.

Grindr Stock Performance

Shares of Grindr stock traded up $0.23 on Friday, hitting $15.00. The stock had a trading volume of 1,011,565 shares, compared to its average volume of 479,221. The stock has a 50 day moving average of $12.60 and a 200 day moving average of $11.42. Grindr has a twelve month low of $5.71 and a twelve month high of $15.21.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.02. The firm had revenue of $82.35 million during the quarter, compared to analysts’ expectations of $77.40 million. Grindr had a negative net margin of 16.27% and a negative return on equity of 155.16%. On average, equities research analysts predict that Grindr will post 0.25 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Kye Chen sold 16,187 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $11.68, for a total value of $189,064.16. Following the transaction, the chief accounting officer now directly owns 138,604 shares of the company’s stock, valued at $1,618,894.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 27,115 shares of company stock valued at $318,994 over the last quarter. Insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GRND. Quest Partners LLC grew its position in Grindr by 277.4% in the 3rd quarter. Quest Partners LLC now owns 48,375 shares of the company’s stock valued at $577,000 after purchasing an additional 35,558 shares during the period. Victory Capital Management Inc. acquired a new position in shares of Grindr during the third quarter valued at about $321,000. Aigen Investment Management LP acquired a new position in shares of Grindr during the third quarter valued at about $225,000. Principal Financial Group Inc. bought a new stake in shares of Grindr during the third quarter worth about $365,000. Finally, Bleakley Financial Group LLC raised its holdings in shares of Grindr by 9.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 27,188 shares of the company’s stock worth $324,000 after acquiring an additional 2,371 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.