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

Grindr (NYSE:GRND)‘s stock had its “market outperform” rating reaffirmed by research analysts at JMP Securities in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $21.00 price target on the stock. JMP Securities’ price objective points to a potential upside of 16.02% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. TD Cowen boosted their target price on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group started coverage on shares of Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price target for the company. Finally, Raymond James reaffirmed 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 Stock Up 0.1 %

Grindr stock opened at $18.10 on Thursday. Grindr has a 12-month low of $7.93 and a 12-month high of $18.42. The stock has a 50-day simple moving average of $17.09 and a 200 day simple moving average of $14.20. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of -51.71 and a beta of 0.30.

Grindr (NYSE:GRND) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. The company had revenue of $89.33 million for the quarter, compared to the consensus estimate of $88.50 million. During the same period last year, the company earned $0.06 earnings per share. As a group, sell-side analysts anticipate that Grindr will post 0.29 EPS for the current year.

Insider Activity at Grindr

In other news, CFO Vandana Mehta-Krantz sold 60,776 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.29, for a total value of $868,489.04. Following the completion of the transaction, the chief financial officer now owns 722,126 shares of the company’s stock, valued at $10,319,180.54. The trade was a 7.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Fu Bin Lu sold 195,600 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 34,977,181 shares in the company, valued at $503,321,634.59. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,393,766 shares of company stock worth $36,225,022 in the last ninety days. Company insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

Several hedge funds have recently bought and sold shares of the stock. Aigen Investment Management LP grew its holdings in shares of Grindr by 51.5% during the fourth quarter. Aigen Investment Management LP now owns 28,619 shares of the company’s stock worth $511,000 after buying an additional 9,726 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Grindr by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 195,298 shares of the company’s stock worth $3,484,000 after purchasing an additional 3,612 shares in the last quarter. Bank of New York Mellon Corp grew its position in Grindr by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company’s stock valued at $944,000 after purchasing an additional 623 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Grindr in the 4th quarter valued at $201,000. Finally, Principal Financial Group Inc. lifted its position in Grindr by 10.9% during the 4th quarter. Principal Financial Group Inc. now owns 33,919 shares of the company’s stock worth $605,000 after buying an additional 3,341 shares in the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.