Grindr (NYSE:GRND) Downgraded by Wall Street Zen to "Buy"

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 cut shares of Grindr (NYSE:GRND - Free Report) from a strong-buy rating to a buy rating in a report released on Saturday morning.

Other research analysts have also recently issued research reports about the stock. Citizens Jmp assumed coverage on shares of Grindr in a report on Monday, June 30th. They issued an "outperform" rating and a $27.00 target price for the company. Raymond James Financial lowered their target price on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a report on Friday, August 8th. JMP Securities upped 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. Finally, The Goldman Sachs Group upped their price target on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $22.60.

Grindr Stock Down 2.5%

Shares of GRND stock traded down $0.41 during trading on Friday, reaching $16.03. The company's stock had a trading volume of 687,945 shares, compared to its average volume of 1,806,755. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.48 and a quick ratio of 4.22. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -36.42 and a beta of 0.25. The stock's 50-day moving average price is $20.85 and its 200 day moving average price is $20.03. Grindr has a 1-year low of $11.39 and a 1-year high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $104.00 million for the quarter, compared to analyst estimates of $104.40 million. During the same quarter last year, the firm earned ($0.13) EPS. The company's revenue was up 26.6% on a year-over-year basis. On average, research analysts anticipate that Grindr will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, Director J Michael Gearon, Jr. sold 19,432 shares of Grindr stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $24.75, for a total transaction of $480,942.00. Following the sale, the director owned 5,480,568 shares in the company, valued at $135,644,058. This trade represents a 0.35% 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, Director Daniel Brooks Baer sold 2,435 shares of Grindr stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $24.00, for a total transaction of $58,440.00. Following the completion of the sale, the director owned 24,693 shares of the company's stock, valued at approximately $592,632. This trade represents a 8.98% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 3,176,111 shares of company stock valued at $75,871,530. 67.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Grindr

Several institutional investors have recently bought and sold shares of GRND. Wealth Enhancement Advisory Services LLC acquired a new stake in Grindr during the 1st quarter worth about $197,000. Allspring Global Investments Holdings LLC grew its stake in shares of Grindr by 5.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 97,716 shares of the company's stock valued at $1,808,000 after buying an additional 5,265 shares in the last quarter. First Trust Advisors LP boosted its position in Grindr by 11.7% during the fourth quarter. First Trust Advisors LP now owns 95,481 shares of the company's stock worth $1,703,000 after purchasing an additional 9,968 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Grindr during the fourth quarter worth approximately $884,000. Finally, GAMMA Investing LLC lifted 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 buying an additional 662 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.