JMP Securities Raises Grindr (NYSE:GRND) Price Target to $17.00

Grindr (NYSE:GRND) had its target price upped by JMP Securities from $14.00 to $17.00 in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. JMP Securities currently has a market outperform rating on the stock.

Several other brokerages have also recently weighed in on GRND. Raymond James assumed coverage on Grindr in a research report on Thursday, April 4th. They set an outperform rating and a $14.00 price target on the stock. TD Cowen assumed coverage on shares of Grindr in a report on Thursday, March 28th. They set a buy rating and a $12.00 target price on the stock.

Grindr Stock Down 0.4 %

GRND opened at $12.24 on Thursday. Grindr has a 12 month low of $4.49 and a 12 month high of $12.42. The company has a market cap of $2.15 billion, a PE ratio of -68.00 and a beta of 0.28. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 13.21. The company has a 50 day moving average of $9.86 and a 200 day moving average of $9.35.

Grindr (NYSE:GRND) last posted its earnings results on Thursday, May 9th. The company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. The firm had revenue of $75.35 million for the quarter, compared to the consensus estimate of $72.60 million. Grindr had a positive return on equity of 3,761.31% and a negative net margin of 11.56%. During the same quarter in the prior year, the business posted ($0.19) earnings per share.

Insider Buying and Selling at Grindr

In other news, Director James Fu Bin Lu sold 1,000,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $10.00, for a total transaction of $10,000,000.00. Following the completion of the transaction, the director now owns 37,708,301 shares of the company’s stock, valued at $377,083,010. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director James Fu Bin Lu sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $10.00, for a total value of $10,000,000.00. Following the completion of the transaction, the director now directly owns 37,708,301 shares in the company, valued at $377,083,010. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Arison sold 2,931 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $10.00, for a total value of $29,310.00. Following the completion of the transaction, the chief executive officer now directly owns 3,022,666 shares in the company, valued at approximately $30,226,660. The disclosure for this sale can be found here. Insiders have sold a total of 1,781,103 shares of company stock valued at $17,183,504 in the last 90 days. Corporate insiders own 78.20% of the company’s stock.

Hedge Funds Weigh In On Grindr

A number of large investors have recently modified their holdings of the company. Park West Asset Management LLC bought a new position in Grindr during the fourth quarter valued at approximately $1,652,000. Jump Financial LLC purchased a new stake in shares of Grindr in the 4th quarter valued at $617,000. Alta Fox Capital Management LLC bought a new position in shares of Grindr during the 3rd quarter valued at $1,162,000. New York State Common Retirement Fund raised its position in Grindr by 11.7% in the 4th quarter. New York State Common Retirement Fund now owns 19,365 shares of the company’s stock worth $170,000 after purchasing an additional 2,030 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Grindr by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after purchasing an additional 1,667 shares during the last quarter. 7.22% of the stock is owned by hedge funds and other 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.