Grindr (NYSE:GRND) Sees Large Volume Increase - What's Next?

Key Points

• Grindr (NYSE:GRND) experienced a 243% increase in trading volume, with approximately 6.4 million shares traded, leading to a stock price rise to $13.33 from a previous close of $11.96.
• Following recent earnings results, analysts have mixed predictions, with target prices ranging from $20.00 to $27.00 and a consensus rating of "Moderate Buy" based on multiple research reports.
• Insider trading saw significant activity, with CFO Vandana Mehta-Krantz and another insider selling shares, resulting in a 67.70% insider ownership still retained in the company.

Grindr Inc. (NYSE:GRND - Get Free Report) saw unusually-high trading volume on Monday . Approximately 6,418,700 shares traded hands during trading, an increase of 243% from the previous session's volume of 1,872,782 shares.The stock last traded at $13.33 and had previously closed at $11.96.

Wall Street Analysts Forecast Growth

GRND has been the subject of a number of recent research reports. JMP Securities reduced their price target 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. Wall Street Zen raised shares of Grindr from a "hold" rating to a "buy" rating in a research report on Saturday, October 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Grindr in a report on Wednesday, October 8th. Raymond James Financial cut 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. Finally, Citizens Jmp assumed coverage on shares of Grindr in a report on Monday, June 30th. They set an "outperform" rating and a $27.00 target price for the company. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.60.

Grindr Stock Up 9.9%

The business's 50 day moving average is $15.64 and its 200-day moving average is $19.35. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of -29.89 and a beta of 0.23. 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 (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 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 business had revenue of $104.00 million for the quarter, compared to analyst estimates of $104.40 million. During the same period last year, the firm earned ($0.13) EPS. The company's revenue for the quarter was up 26.6% compared to the same quarter last year. On average, sell-side analysts predict that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Grindr

In other news, CFO Vandana Mehta-Krantz sold 43,565 shares of the business's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $16.89, for a total transaction of $735,812.85. Following the transaction, the chief financial officer owned 688,047 shares of the company's stock, valued at approximately $11,621,113.83. The trade was a 5.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Zachary Katz sold 7,644 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $15.64, for a total transaction of $119,552.16. Following the transaction, the insider directly owned 555,984 shares in the company, valued at approximately $8,695,589.76. The trade was a 1.36% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,902 shares of company stock worth $1,170,665. 67.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Grindr during the 1st quarter valued at about $197,000. Allspring Global Investments Holdings LLC boosted its position in shares of Grindr by 5.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 97,716 shares of the company's stock valued at $1,808,000 after acquiring an additional 5,265 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock valued at $38,000 after acquiring an additional 662 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Grindr by 42.0% during the 1st quarter. Deutsche Bank AG now owns 402,822 shares of the company's stock valued at $7,211,000 after acquiring an additional 119,121 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Grindr by 3.0% during the 1st quarter. Rhumbline Advisers now owns 43,043 shares of the company's stock valued at $770,000 after acquiring an additional 1,272 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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