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

Key Points

• Grindr Inc. has received a consensus rating of "Buy" from five brokerages, with an average one-year price target of $22.60.
• Following a recent earnings report, Grindr posted $0.08 EPS for the quarter, missing estimates, despite a 26.6% year-over-year increase in revenue.
• Notable insider sales occurred, with CFO Vandana Mehta-Krantz selling over 43,000 shares for approximately $735,812, indicating a potential shift in insider sentiment.

Grindr Inc. (NYSE:GRND - Get Free Report) has received a consensus recommendation of "Buy" from the five brokerages that are presently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $22.60.

A number of brokerages have recently commented on GRND. Wall Street Zen lowered shares of Grindr from a "buy" rating to a "hold" rating in a research report on Sunday, August 17th. JMP Securities cut their price objective on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a research report on Monday, August 11th. Raymond James Financial dropped their price target on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Finally, Citizens Jmp began coverage on shares of Grindr in a research report on Monday, June 30th. They issued an "outperform" rating and a $27.00 price target for the company.

Grindr Stock Down 0.3%

Shares of GRND opened at $16.06 on Wednesday. The company has a 50-day simple moving average of $16.80 and a 200-day simple moving average of $19.57. The firm has a market capitalization of $3.08 billion, a P/E ratio of -36.49 and a beta of 0.25. The company has a debt-to-equity ratio of 1.43, a quick ratio of 2.48 and a current ratio of 2.48. Grindr has a 52 week low of $11.51 and a 52 week high of $25.13.

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

Insider Activity

In related news, insider Zachary Katz sold 14,693 shares of the stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $19.25, for a total value of $282,840.25. Following the completion of the transaction, the insider owned 595,112 shares of the company's stock, valued at $11,455,906. This represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vandana Mehta-Krantz sold 43,565 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $16.89, for a total transaction of $735,812.85. Following the completion of the transaction, the chief financial officer directly owned 688,047 shares of the company's stock, valued at $11,621,113.83. This trade represents a 5.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold 84,594 shares of company stock valued at $1,543,461 in the last three months. Company insiders own 67.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Grindr by 23.5% during the first quarter. Vanguard Group Inc. now owns 1,714,514 shares of the company's stock worth $30,690,000 after buying an additional 325,996 shares during the last quarter. Bank of America Corp DE grew its stake in Grindr by 93.5% during the second quarter. Bank of America Corp DE now owns 1,259,449 shares of the company's stock worth $28,589,000 after buying an additional 608,554 shares during the last quarter. Nuveen LLC bought a new stake in Grindr during the first quarter worth about $20,049,000. Bwcp LP grew its stake in Grindr by 61.8% during the first quarter. Bwcp LP now owns 1,096,586 shares of the company's stock worth $19,629,000 after buying an additional 418,994 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in Grindr by 7.7% during the first quarter. Lord Abbett & CO. LLC now owns 1,049,011 shares of the company's stock worth $18,777,000 after buying an additional 74,703 shares during the last quarter. Institutional investors and hedge funds own 7.22% of the company's stock.

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.

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