Grindr (NYSE:GRND) Trading Up 3.4% – Here’s Why

Grindr Inc. (NYSE:GRND) shares were up 3.4% during mid-day trading on Tuesday . The stock traded as high as $13.22 and last traded at $13.15. Approximately 137,981 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 519,360 shares. The stock had previously closed at $12.72.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GRND shares. TD Cowen increased their price objective on shares of Grindr from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Raymond James increased their price target on shares of Grindr from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday, June 27th. Finally, JMP Securities restated a “market outperform” rating and set a $17.00 price objective on shares of Grindr in a research report on Monday, July 15th.

Grindr Price Performance

The stock has a 50 day moving average of $12.13 and a two-hundred day moving average of $11.09. The stock has a market capitalization of $2.41 billion, a PE ratio of -30.75 and a beta of 0.35.

Grindr (NYSE:GRND) last posted its earnings results on Thursday, August 8th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.02. The company had revenue of $82.35 million for the quarter, compared to analyst estimates of $77.40 million. Grindr had a negative return on equity of 234.28% and a negative net margin of 25.67%. As a group, research analysts predict that Grindr Inc. will post 0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Kye Chen sold 4,964 shares of Grindr stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $11.81, for a total transaction of $58,624.84. Following the completion of the sale, the chief accounting officer now owns 130,598 shares in the company, valued at approximately $1,542,362.38. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 27,115 shares of company stock worth $318,994 in the last ninety days. Insiders own 76.40% of the company’s stock.

Institutional Investors Weigh In On Grindr

Several large investors have recently made changes to their positions in GRND. Price T Rowe Associates Inc. MD boosted its holdings in Grindr by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after acquiring an additional 1,667 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Grindr by 9.5% in the second quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock valued at $286,000 after purchasing an additional 2,050 shares during the period. nVerses Capital LLC acquired a new stake in Grindr during the 3rd quarter valued at $27,000. Bleakley Financial Group LLC increased its stake in Grindr by 9.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 27,188 shares of the company’s stock worth $324,000 after buying an additional 2,371 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Grindr by 10.5% in the 3rd quarter. SG Americas Securities LLC now owns 64,816 shares of the company’s stock worth $773,000 after buying an additional 6,168 shares in the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.