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

Grindr (NYSE:GRND) had its target price boosted by Raymond James from $16.00 to $19.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Raymond James’ price target would suggest a potential upside of 27.09% from the stock’s previous close.

A number of other research firms also recently weighed in on GRND. TD Cowen upped their price target 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 target price on shares of Grindr in a research report on Monday, July 15th.

Grindr Price Performance

Shares of Grindr stock traded up $0.18 on Friday, hitting $14.95. The company had a trading volume of 555,667 shares, compared to its average volume of 522,862. The stock has a 50-day moving average of $12.54 and a 200-day moving average of $11.38. Grindr has a twelve month low of $5.71 and a twelve month high of $15.21. The firm has a market capitalization of $2.63 billion, a P/E ratio of -33.95 and a beta of 0.33.

Grindr (NYSE:GRND) last released its earnings results on Thursday, August 8th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 234.28% and a negative net margin of 25.67%. Equities analysts predict that Grindr will post 0.25 EPS for the current year.

Insider Buying and Selling at Grindr

In other Grindr news, CAO Kye Chen sold 4,964 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $11.81, for a total value of $58,624.84. Following the sale, the chief accounting officer now owns 130,598 shares in the company, valued at $1,542,362.38. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 27,115 shares of company stock worth $318,994 over the last quarter. 76.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GRND. GSA Capital Partners LLP bought a new stake in shares of Grindr during the first quarter worth approximately $545,000. Susquehanna Fundamental Investments LLC acquired a new position in Grindr in the 1st quarter valued at $209,000. Vanguard Group Inc. lifted its holdings in shares of Grindr by 5.7% during the first quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock worth $5,778,000 after buying an additional 30,574 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Grindr by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after acquiring an additional 1,667 shares during the period. Finally, Simplicity Wealth LLC acquired a new position in shares of Grindr in the second quarter valued at about $303,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.