Grindr (NYSE:GRND) Cut to Buy at Wall Street Zen

Key Points

• Grindr was downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, while maintaining a consensus buy rating among analysts with an average price target of $23.40.
• The stock is currently trading around $15.72, experiencing a 12.1% decline, despite a 26.6% year-over-year revenue increase reported in its recent quarterly earnings.
• Insider trading activity has been notable, with directors selling significant amounts of Grindr stock, totaling over $110 million in the last three months.

Wall Street Zen downgraded shares of Grindr (NYSE:GRND - Free Report) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday morning.

Several other equities analysts have also weighed in on the stock. JMP Securities increased their price target on shares of Grindr from $24.00 to $27.00 and gave the company a "market outperform" rating in a research report on Monday, June 30th. Citizens Jmp started coverage on shares of Grindr in a report on Monday, June 30th. They set an "outperform" rating and a $27.00 price objective 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. Finally, Raymond James Financial dropped their price objective on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $22.60.

Grindr Stock Up 8.1%

Shares of NYSE GRND traded up $1.28 during trading on Friday, hitting $16.97. The stock had a trading volume of 3,647,109 shares, compared to its average volume of 1,806,070. Grindr has a 12 month low of $11.39 and a 12 month high of $25.13. The company has a debt-to-equity ratio of 0.85, a current ratio of 4.22 and a quick ratio of 4.22. The company has a market capitalization of $3.32 billion, a PE ratio of -38.56 and a beta of 0.25. The firm has a fifty day moving average of $21.14 and a two-hundred day moving average of $20.06.

Grindr (NYSE:GRND - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $104.00 million during the quarter, compared to the consensus estimate of $104.40 million. Grindr had a positive return on equity of 132.07% and a negative net margin of 14.41%. The business's revenue was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.13) EPS. As a group, equities research analysts forecast that Grindr will post 0.29 EPS for the current fiscal year.

Insider Transactions at Grindr

In other news, Director Daniel Brooks Baer sold 2,435 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $24.00, for a total value of $58,440.00. Following the sale, the director directly owned 24,693 shares of the company's stock, valued at approximately $592,632. This represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Zachary Katz sold 14,693 shares of the stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $19.25, for a total transaction of $282,840.25. Following the completion of the sale, the insider directly owned 595,112 shares in the company, valued at approximately $11,455,906. The trade was a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,660,481 shares of company stock valued at $87,543,313. Company insiders own 67.70% of the company's stock.

Institutional Investors Weigh In On Grindr

A number of institutional investors and hedge funds have recently modified their holdings of GRND. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Grindr in the second quarter valued at approximately $605,000. Intech Investment Management LLC raised its stake in Grindr by 38.9% in the second quarter. Intech Investment Management LLC now owns 23,327 shares of the company's stock valued at $530,000 after purchasing an additional 6,537 shares in the last quarter. Creative Planning purchased a new stake in Grindr in the second quarter valued at approximately $310,000. SG Americas Securities LLC raised its stake in Grindr by 1,174.1% in the second quarter. SG Americas Securities LLC now owns 442,143 shares of the company's stock valued at $10,037,000 after purchasing an additional 407,440 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its stake in Grindr by 60.2% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 7,960 shares of the company's stock valued at $181,000 after purchasing an additional 2,992 shares in the last quarter. 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.