Grindr Inc. (NYSE:GRND) Receives Consensus Recommendation of "Buy" from Analysts

Key Points

• Grindr Inc. (NYSE:GRND) has received a consensus "Buy" recommendation from five research firms, with an average one-year price target of $24.60.
• Recent insider activity includes significant stock sales by directors, with 4,641,251 shares sold by insiders in the past ninety days, representing a combined value of over $110 million.
• Institutional investors have increased their stakes in Grindr, with CWM LLC raising their holdings by 838.5% in the first quarter.

Grindr Inc. (NYSE:GRND - Get Free Report) has received a consensus recommendation of "Buy" from the five research firms that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $24.60.

A number of analysts have commented on the company. Citizens Jmp assumed coverage on Grindr in a report on Monday, June 30th. They set an "outperform" rating and a $27.00 price objective for the company. JMP Securities boosted their price objective on Grindr from $24.00 to $27.00 and gave the stock a "market outperform" rating in a report on Monday, June 30th. The Goldman Sachs Group boosted their price objective on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Wall Street Zen raised Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Finally, Raymond James Financial reissued an "outperform" rating and set a $26.00 price objective (up from $22.00) on shares of Grindr in a report on Friday, May 9th.

Insider Activity at Grindr

In other news, Director J Michael Gearon, Jr. sold 500,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $23.71, for a total value of $11,855,000.00. Following the completion of the transaction, the director directly owned 6,619,727 shares of the company's stock, valued at $156,953,727.17. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Fu Bin Lu sold 852,567 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 26,588,867 shares of the company's stock, valued at approximately $636,271,587.31. This represents a 3.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,641,251 shares of company stock valued at $110,831,024. 67.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Grindr

Institutional investors have recently bought and sold shares of the company. CWM LLC lifted its stake in Grindr by 838.5% in the first quarter. CWM LLC now owns 1,924 shares of the company's stock valued at $34,000 after purchasing an additional 1,719 shares during the last quarter. GAMMA Investing LLC lifted its stake in Grindr by 45.5% in the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock valued at $38,000 after purchasing an additional 662 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock valued at $47,000 after purchasing an additional 642 shares during the last quarter. Quarry LP lifted its stake in Grindr by 209.2% in the fourth quarter. Quarry LP now owns 3,423 shares of the company's stock valued at $61,000 after purchasing an additional 2,316 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its stake in Grindr by 511.9% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company's stock valued at $83,000 after purchasing an additional 3,880 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company's stock.

Grindr Stock Up 2.6%

GRND stock opened at $17.81 on Tuesday. The stock's 50 day simple moving average is $21.67 and its 200 day simple moving average is $20.05. Grindr has a fifty-two week low of $10.26 and a fifty-two week high of $25.13. 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 company has a market cap of $3.49 billion, a P/E ratio of -27.39 and a beta of 0.26.

Grindr (NYSE:GRND - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, hitting analysts' consensus estimates of $0.09. Grindr had a positive return on equity of 219.47% and a negative net margin of 26.04%. On average, research analysts expect that Grindr will post 0.29 earnings per share for the current fiscal year.

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.

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