Grindr (NYSE:GRND) Earns Market Outperform Rating from JMP Securities

Grindr (NYSE:GRND)‘s stock had its “market outperform” rating reiterated by equities researchers at JMP Securities in a report released on Thursday,Benzinga reports. They currently have a $21.00 target price on the stock. JMP Securities’ price target indicates a potential upside of 16.38% from the stock’s current price.

GRND has been the subject of several other reports. TD Cowen upped their price objective on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group assumed coverage on shares of Grindr in a report on Monday, December 16th. They set a “buy” rating and a $20.00 price target for the company. Finally, Raymond James reiterated an “outperform” rating and issued a $21.00 price objective (up from $19.00) on shares of Grindr in a research note on Friday, January 24th.

Grindr Trading Down 0.0 %

NYSE GRND traded down $0.01 on Thursday, reaching $18.05. The stock had a trading volume of 68,973 shares, compared to its average volume of 1,014,609. Grindr has a 1 year low of $7.93 and a 1 year high of $18.42. The business has a 50 day moving average price of $16.97 and a 200 day moving average price of $14.13. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of -51.51 and a beta of 0.30.

Grindr (NYSE:GRND) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. The firm had revenue of $89.33 million during the quarter, compared to analyst estimates of $88.50 million. During the same quarter in the prior year, the company posted $0.06 EPS. On average, analysts anticipate that Grindr will post 0.29 earnings per share for the current fiscal year.

Insider Transactions at Grindr

In other news, Director James Fu Bin Lu sold 195,600 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total value of $2,814,684.00. Following the completion of the transaction, the director now directly owns 34,977,181 shares of the company’s stock, valued at approximately $503,321,634.59. This represents a 0.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Zachary Katz sold 3,058 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total value of $43,729.40. Following the completion of the sale, the insider now directly owns 586,722 shares in the company, valued at approximately $8,390,124.60. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,399,000 shares of company stock worth $36,303,532. 76.40% of the stock is currently owned by company insiders.

Institutional Trading of Grindr

Several large investors have recently added to or reduced their stakes in GRND. nVerses Capital LLC acquired a new position in shares of Grindr in the 3rd quarter worth approximately $27,000. R Squared Ltd acquired a new position in Grindr in the fourth quarter worth $101,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Grindr during the fourth quarter worth $201,000. Centiva Capital LP acquired a new stake in shares of Grindr in the third quarter valued at $160,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Grindr by 9.3% in the third quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock valued at $163,000 after buying an additional 1,166 shares during the last quarter. 7.22% of the stock is owned by institutional investors.

Grindr Company Profile

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.