Brokerages Set Grindr Inc. (NYSE:GRND) Target Price at $24.60

Grindr Inc. (NYSE:GRND - Get Free Report) has earned a consensus rating of "Buy" from the five analysts that are covering the firm, MarketBeat reports. Five research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have covered the stock in the last year is $24.60.

Several analysts recently weighed in on GRND shares. The Goldman Sachs Group lifted their price objective on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Citizens Jmp initiated coverage on shares of Grindr in a research report on Monday, June 30th. They set an "outperform" rating and a $27.00 price target on the stock. JMP Securities boosted their price target on shares of Grindr from $24.00 to $27.00 and gave the stock a "market outperform" rating in a research report on Monday, June 30th. Wall Street Zen upgraded shares of Grindr from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Finally, Raymond James Financial restated an "outperform" rating and set a $26.00 price target (up from $22.00) on shares of Grindr in a research report on Friday, May 9th.

Grindr Stock Performance

Shares of NYSE GRND traded down $0.16 during midday trading on Friday, hitting $21.14. The company's stock had a trading volume of 1,267,444 shares, compared to its average volume of 1,197,629. Grindr has a 1-year low of $10.26 and a 1-year high of $25.13. The firm's fifty day moving average price is $23.21 and its 200-day moving average price is $19.79. The company has a debt-to-equity ratio of 0.85, a quick ratio of 4.22 and a current ratio of 4.22. The firm has a market cap of $4.14 billion, a P/E ratio of -32.52 and a beta of 0.28.

Grindr (NYSE:GRND - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. Grindr had a negative net margin of 26.04% and a positive return on equity of 219.47%. On average, sell-side analysts forecast that Grindr will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Grindr

In related news, insider Zachary Katz sold 14,692 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $22.48, for a total value of $330,276.16. Following the completion of the transaction, the insider owned 609,805 shares of the company's stock, valued at approximately $13,708,416.40. This trade represents a 2.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Fu Bin Lu sold 852,567 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $23.93, for a total value of $20,401,928.31. Following the completion of the sale, the director owned 26,588,867 shares of the company's stock, valued at $636,271,587.31. The trade was a 3.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,625,558 shares of company stock valued at $110,524,064 over the last 90 days. 67.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Grindr

A number of large investors have recently made changes to their positions in GRND. CWM LLC increased its stake in Grindr by 838.5% in the 1st quarter. CWM LLC now owns 1,924 shares of the company's stock valued at $34,000 after buying an additional 1,719 shares during the period. GAMMA Investing LLC grew its position in Grindr by 45.5% in the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock worth $38,000 after acquiring an additional 662 shares in the last quarter. Russell Investments Group Ltd. grew its position in Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after acquiring an additional 642 shares in the last quarter. Quarry LP grew its position in Grindr by 209.2% in the fourth quarter. Quarry LP now owns 3,423 shares of the company's stock worth $61,000 after acquiring an additional 2,316 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Grindr by 511.9% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company's stock worth $83,000 after buying an additional 3,880 shares during the period. 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.