Grindr (NYSE:GRND) Price Target Cut to $20.00 by Analysts at Raymond James Financial

Key Points

• Analysts at Raymond James Financial have cut Grindr's target price from $26.00 to $20.00, suggesting a potential upside of 24.18% from the current price.
• Grindr's stock has recently seen a decline, trading down 10% to $16.11, with a 12-month high of $25.13 and low of $11.01.
• Despite the price adjustments, the consensus among analysts remains a "Buy" rating for Grindr, with a current consensus target price of $23.40.

Grindr (NYSE:GRND - Get Free Report) had its price target reduced by Raymond James Financial from $26.00 to $20.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's price objective would suggest a potential upside of 21.80% from the company's current price.

Several other research analysts have also recently weighed in on the stock. 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. The Goldman Sachs Group upped their price objective on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a report on Monday, May 12th. Wall Street Zen raised shares of Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Finally, JMP Securities upped their price objective on shares of Grindr from $24.00 to $27.00 and gave the company a "market outperform" rating in a report on Monday, June 30th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Grindr has a consensus rating of "Buy" and a consensus price target of $22.60.

Grindr Price Performance

Shares of NYSE:GRND traded down $0.52 during midday trading on Friday, reaching $16.42. 3,042,245 shares of the company's stock traded hands, compared to its average volume of 1,814,199. Grindr has a 1 year low of $11.39 and a 1 year high of $25.13. The company has a market cap of $3.22 billion, a P/E ratio of -37.32 and a beta of 0.25. 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 fifty day simple moving average of $20.99 and a two-hundred day simple moving average of $20.05.

Grindr (NYSE:GRND - Get Free Report) last announced 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). The business had revenue of $104.00 million for the quarter, compared to analysts' expectations of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 132.07%. The company's quarterly revenue was up 26.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.13) EPS. Equities analysts predict that Grindr will post 0.29 EPS for the current fiscal year.

Insider Activity

In related news, Director James Fu Bin Lu sold 852,567 shares of Grindr stock in a transaction on Wednesday, May 28th. The stock was 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 in the company, valued at approximately $636,271,587.31. This trade represents a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director J Michael Gearon, Jr. sold 19,432 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $24.75, for a total value of $480,942.00. Following the transaction, the director directly owned 5,480,568 shares of the company's stock, valued at approximately $135,644,058. This represents a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,376,922 shares of company stock worth $80,701,035. 67.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Grindr

Large investors have recently modified their holdings 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 buying an additional 1,719 shares during the last quarter. GAMMA Investing LLC raised its stake 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 purchasing an additional 662 shares during the last quarter. Russell Investments Group Ltd. raised 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 raised 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, Huntington National Bank purchased a new position in Grindr in the second quarter worth $64,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.