Grindr (NYSE:GRND) Trading Up 8.4% - Still a Buy?

Key Points

• Shares of Grindr Inc. (NYSE:GRND) rose by 8.4%, reaching a trading price of $17.01, despite a 14% decline in share volume compared to its average.
• Recent analyst ratings for Grindr show a range of target price adjustments, with Goldman Sachs raising its target to $26.00 and Raymond James lowering it to $20.00, while the average consensus price target stands at $22.60.
• Grindr reported quarterly earnings that missed estimates, with earnings per share of $0.08 against a projected $0.10, alongside a 26.6% year-over-year revenue growth.

Shares of Grindr Inc. (NYSE:GRND - Get Free Report) rose 8.4% on Monday . The stock traded as high as $17.01 and last traded at $17.01. Approximately 1,533,315 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 1,791,743 shares. The stock had previously closed at $15.69.

Analyst Upgrades and Downgrades

GRND has been the subject of several recent analyst reports. JMP Securities decreased their price target on Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a research note on Monday. The Goldman Sachs Group boosted their price target on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Wall Street Zen cut Grindr from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Raymond James Financial decreased their price target on Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, Citizens Jmp initiated coverage on Grindr in a research note on Monday, June 30th. They issued an "outperform" rating and a $27.00 price target for the company. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Grindr currently has an average rating of "Buy" and an average price target of $22.60.

Grindr Stock Performance

The business has a fifty day simple moving average of $20.57 and a two-hundred day simple moving average of $19.99. The company has a quick ratio of 4.22, a current ratio of 2.48 and a debt-to-equity ratio of 1.43. The company has a market cap of $3.20 billion, a P/E ratio of -37.08 and a beta of 0.25.

Grindr (NYSE:GRND - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The firm had revenue of $104.00 million during the quarter, compared to the consensus estimate of $104.40 million. During the same period in the prior year, the company posted ($0.13) EPS. The firm's revenue was up 26.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Grindr Inc. will post 0.29 EPS for the current year.

Insider Transactions at Grindr

In other Grindr news, Director J Michael Gearon, Jr. sold 477,570 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $23.64, for a total value of $11,289,754.80. Following the completion of the sale, the director owned 5,500,000 shares in the company, valued at $130,020,000. This represents a 7.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James Fu Bin Lu sold 852,567 shares of the company's stock in a transaction dated 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 sale, the director owned 26,588,867 shares of the company's stock, valued at approximately $636,271,587.31. The trade was a 3.11% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 3,219,676 shares of company stock worth $76,607,343. 67.70% of the stock is owned by corporate insiders.

Institutional Trading of Grindr

A number of hedge funds and other institutional investors have recently bought and sold shares of GRND. XTX Topco Ltd grew its position in shares of Grindr by 2.8% during the first quarter. XTX Topco Ltd now owns 17,036 shares of the company's stock worth $305,000 after purchasing an additional 459 shares in the last quarter. CWM LLC grew its position in shares of Grindr by 28.7% during the second quarter. CWM LLC now owns 2,476 shares of the company's stock worth $56,000 after purchasing an additional 552 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after purchasing an additional 642 shares in the last quarter. GAMMA Investing LLC grew its position 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 in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Grindr by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company's stock worth $517,000 after purchasing an additional 762 shares in the last quarter. Hedge funds and other institutional investors 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.