Grindr’s (GRND) “Outperform” Rating Reiterated at Raymond James

Grindr (NYSE:GRND)‘s stock had its “outperform” rating reiterated by investment analysts at Raymond James in a research note issued on Friday,Benzinga reports. They currently have a $21.00 price objective on the stock, up from their prior price objective of $19.00. Raymond James’ price target points to a potential upside of 16.96% from the company’s current price.

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

Grindr Price Performance

Grindr stock traded up $1.23 during mid-day trading on Friday, reaching $17.96. The stock had a trading volume of 1,871,736 shares, compared to its average volume of 942,729. The company has a 50-day moving average price of $16.41 and a two-hundred day moving average price of $13.75. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of -51.27 and a beta of 0.31. Grindr has a one year low of $7.93 and a one year high of $18.42.

Grindr (NYSE:GRND) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). The business had revenue of $89.33 million during the quarter, compared to the consensus estimate of $88.50 million. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. During the same quarter in the previous year, the business posted $0.06 earnings per share. On average, equities research analysts anticipate that Grindr will post 0.28 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Nathan Richardson sold 5,234 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $15.00, for a total value of $78,510.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vandana Mehta-Krantz sold 60,776 shares of Grindr stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.29, for a total transaction of $868,489.04. Following the transaction, the chief financial officer now directly owns 722,126 shares of the company’s stock, valued at approximately $10,319,180.54. This represents a 7.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,399,000 shares of company stock worth $36,303,532 over the last ninety days. Corporate insiders own 76.40% of the company’s stock.

Institutional Investors Weigh In On Grindr

Several hedge funds and other institutional investors have recently modified their holdings of GRND. Lord Abbett & CO. LLC acquired a new stake in Grindr in the third quarter valued at approximately $7,720,000. Marshall Wace LLP lifted its holdings in shares of 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 purchasing an additional 347,626 shares during the period. Skye Global Management LP increased its stake in shares of Grindr by 23.3% in the third 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 period. Geode Capital Management LLC lifted its position in Grindr by 7.5% during the third quarter. Geode Capital Management LLC now owns 514,520 shares of the company’s stock valued at $6,139,000 after purchasing an additional 36,001 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in Grindr by 264.4% in the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company’s stock valued at $3,192,000 after purchasing an additional 189,237 shares during the last quarter. 7.22% of the stock is currently 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.