Grindr (NYSE:GRND) Receives “Outperform” Rating from Raymond James

Grindr (NYSE:GRND)‘s stock had its “outperform” rating reissued by Raymond James in a research report issued on Friday,Benzinga reports. They currently have a $21.00 target price on the stock, up from their previous target price of $19.00. Raymond James’ price target indicates a potential upside of 16.49% from the company’s current price.

Other equities analysts have also issued research reports about the company. TD Cowen lifted their price target on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. JMP Securities restated a “market outperform” rating and issued a $21.00 price objective on shares of Grindr in a research report on Monday, December 16th. Finally, The Goldman Sachs Group began coverage on Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 target price on the stock.

Grindr Price Performance

Shares of NYSE GRND opened at $18.03 on Friday. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of -51.51 and a beta of 0.31. The firm’s 50 day simple moving average is $16.49 and its 200-day simple moving average is $13.80. Grindr has a 12 month low of $7.93 and a 12 month high of $18.42.

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). The firm had revenue of $89.33 million for the quarter, compared to analyst estimates of $88.50 million. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. During the same quarter in the prior year, the business posted $0.06 EPS. Analysts anticipate that Grindr will post 0.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Grindr news, Director Nathan Richardson sold 5,234 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $15.00, for a total value of $78,510.00. Following the transaction, the director now owns 27,408 shares in the company, valued at approximately $411,120. This trade represents a 16.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Fu Bin Lu sold 750,000 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the sale, the director now directly owns 31,540,655 shares of the company’s stock, valued at $477,525,516.70. The trade was a 2.32 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,399,000 shares of company stock worth $36,303,532. Insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

A number of institutional investors and hedge funds have recently bought and sold shares of GRND. Lord Abbett & CO. LLC purchased a new position in Grindr in the 3rd quarter worth approximately $7,720,000. Marshall Wace LLP lifted its position in Grindr by 124.0% during the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock worth $7,685,000 after buying an additional 347,626 shares in the last quarter. Squarepoint Ops LLC boosted its stake in Grindr by 264.4% during the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company’s stock worth $3,192,000 after buying an additional 189,237 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in Grindr by 219.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock valued at $2,145,000 after buying an additional 123,600 shares in the last quarter. Finally, Skye Global Management LP increased its stake in shares of Grindr by 23.3% in the 3rd quarter. Skye Global Management LP now owns 592,000 shares of the company’s stock worth $7,063,000 after acquiring an additional 112,000 shares during the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.