Grindr Inc. (NYSE:GRND) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts remain broadly positive: Grindr has a consensus “Moderate Buy” rating from six brokerages, with five buys and one hold. The average 12-month price target is $20.00 versus the stock’s recent price of $15.48.
• Quarterly results were mixed: Grindr reported revenue of $138.14 million, exceeding estimates of $132.50 million, but earnings per share of $0.10 fell short of the $0.16 consensus forecast.
• Ownership activity was notable: Insiders sold 52,250 shares worth roughly $818,000 during the last quarter, while major investors including BlackRock and Norges Bank established new positions. Institutional investors and hedge funds own 7.22% of the stock.

Shares of Grindr Inc. (NYSE:GRND - Get Free Report) have earned a consensus rating of "Moderate Buy" from the six brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $20.00.

Several equities analysts recently issued reports on GRND shares. Wall Street Zen downgraded shares of Grindr from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Grindr in a research note on Friday, August 7th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $19.00 price objective on shares of Grindr in a report on Friday, August 7th. Morgan Stanley reiterated an "overweight" rating on shares of Grindr in a research note on Tuesday. Finally, TD Cowen reissued a "buy" rating on shares of Grindr in a report on Monday, June 1st.

Insider Buying and Selling at Grindr

In related news, insider Zachary Katz sold 12,979 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $17.89, for a total transaction of $232,194.31. Following the transaction, the insider owned 690,172 shares in the company, valued at $12,347,177.08. This represents a 1.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel Baer sold 3,500 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $15.65, for a total transaction of $54,775.00. Following the sale, the director directly owned 47,912 shares in the company, valued at approximately $749,822.80. This represents a 6.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 52,250 shares of company stock valued at $818,045. Corporate insiders own 60.90% of the company's stock.

Hedge Funds Weigh In On Grindr

A number of large investors have recently modified their holdings of GRND. BlackRock Inc. bought a new position in Grindr in the 2nd quarter valued at $49,159,000. Norges Bank bought a new position in Grindr in the fourth quarter valued at about $27,441,000. Quinn Opportunity Partners LLC acquired a new stake in Grindr in the fourth quarter worth about $20,565,000. Blacksheep Fund Management Ltd acquired a new stake in Grindr in the fourth quarter worth about $16,804,000. Finally, Balyasny Asset Management L.P. raised its holdings in Grindr by 442.6% during the 3rd quarter. Balyasny Asset Management L.P. now owns 942,017 shares of the company's stock worth $14,149,000 after purchasing an additional 1,217,017 shares during the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Grindr Price Performance

Grindr stock opened at $15.48 on Wednesday. The business has a 50 day simple moving average of $15.93 and a 200 day simple moving average of $13.77. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market capitalization of $2.69 billion, a PE ratio of 30.97 and a beta of 0.19. Grindr has a one year low of $9.73 and a one year high of $18.50.

Grindr (NYSE:GRND - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.06). Grindr had a net margin of 18.75% and a return on equity of 357.13%. The company had revenue of $138.14 million during the quarter, compared to the consensus estimate of $132.50 million. On average, sell-side analysts forecast that Grindr will post 0.51 EPS for the current fiscal year.

About Grindr

Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.

Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.

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