Grindr Inc. (NYSE:GRND) Receives $22.60 Average Price Target from Analysts

Key Points

• Grindr Inc. (NYSE:GRND) has received a consensus rating of "Buy" from five brokerages, with an average 1-year price target of $22.60.
• Goldman Sachs increased its target price for Grindr from $20.00 to $26.00, contributing to the overall positive outlook despite recent mixed analyst ratings.
• In its latest quarterly report, Grindr missed earnings expectations with $0.08 earnings per share, while revenue reached $104 million, reflecting a year-over-year growth of 26.6%.

Grindr Inc. (NYSE:GRND - Get Free Report) has earned an average rating of "Buy" from the five ratings firms that are currently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $22.60.

Several equities research analysts have recently commented on GRND shares. Citizens Jmp started coverage on Grindr in a research note on Monday, June 30th. They issued an "outperform" rating and a $27.00 target price for the company. Raymond James Financial reduced their price target on Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. The Goldman Sachs Group raised their price target on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Wall Street Zen lowered Grindr from a "buy" rating to a "hold" rating in a report on Sunday, August 17th. Finally, JMP Securities reduced their target price on Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a report on Monday, August 11th.

Insider Activity

In other Grindr news, CFO Vandana Mehta-Krantz sold 56,611 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $23.47, for a total transaction of $1,328,660.17. Following the transaction, the chief financial officer owned 752,594 shares of the company's stock, valued at $17,663,381.18. The trade was a 7.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Zachary Katz sold 14,693 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $19.25, for a total value of $282,840.25. Following the transaction, the insider directly owned 595,112 shares in the company, valued at approximately $11,455,906. This trade represents a 2.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 169,235 shares of company stock worth $3,570,031. Corporate insiders own 67.70% of the company's stock.

Hedge Funds Weigh In On Grindr

A number of institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its holdings in shares of Grindr by 1,473.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company's stock worth $34,000 after acquiring an additional 1,385 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Grindr during the second quarter worth approximately $39,000. CWM LLC boosted its holdings in shares of Grindr by 838.5% during the first quarter. CWM LLC now owns 1,924 shares of the company's stock worth $34,000 after acquiring an additional 1,719 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Grindr by 45.5% during 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 during the period. Finally, Huntington National Bank bought a new stake in shares of Grindr during the second quarter worth approximately $64,000. Institutional investors and hedge funds own 7.22% of the company's stock.

Grindr Stock Performance

NYSE:GRND traded down $0.11 during mid-day trading on Friday, hitting $15.19. 502,373 shares of the company's stock traded hands, compared to its average volume of 1,811,544. The firm has a 50 day moving average of $18.73 and a two-hundred day moving average of $19.80. Grindr has a 12 month low of $11.47 and a 12 month high of $25.13. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -34.65 and a beta of 0.24. The company has a current ratio of 2.48, a quick ratio of 2.48 and a debt-to-equity ratio of 1.43.

Grindr (NYSE:GRND - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The company had revenue of $104.00 million during the quarter, compared to analyst estimates of $104.40 million. During the same period in the previous year, the company posted ($0.13) earnings per share. The company's quarterly revenue was up 26.6% on a year-over-year basis. On average, equities analysts forecast that Grindr will post 0.29 earnings per share for the current fiscal year.

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.