Grindr (NYSE:GRND) Upgraded by Wall Street Zen to "Strong-Buy" Rating

Grindr (NYSE:GRND - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Thursday.

Several other analysts have also commented on GRND. Raymond James reaffirmed an "outperform" rating and set a $26.00 price target (up previously from $22.00) on shares of Grindr in a research report on Friday, May 9th. JMP Securities restated a "market outperform" rating and issued a $24.00 target price on shares of Grindr in a research report on Monday, April 21st. Citigroup reaffirmed an "outperform" rating on shares of Grindr in a research note on Thursday, March 6th. Finally, The Goldman Sachs Group increased their price target on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Grindr presently has an average rating of "Buy" and a consensus target price of $23.25.

Grindr Trading Down 0.8%

NYSE:GRND traded down $0.19 during trading hours on Thursday, hitting $23.81. 464,472 shares of the stock were exchanged, compared to its average volume of 1,738,752. The firm's fifty day moving average price is $20.51 and its 200 day moving average price is $18.14. Grindr has a 52-week low of $8.95 and a 52-week high of $24.80. The company has a market cap of $4.66 billion, a P/E ratio of -68.03 and a beta of 0.28.

Grindr (NYSE:GRND - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.09 EPS for the quarter, hitting the consensus estimate of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. Equities analysts expect that Grindr will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James Fu Bin Lu sold 200,811 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $24.05, for a total value of $4,829,504.55. Following the completion of the transaction, the director now owns 28,082,445 shares of the company's stock, valued at approximately $675,382,802.25. This trade represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director J Michael Gearon, Jr. sold 477,570 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $23.64, for a total transaction of $11,289,754.80. Following the completion of the transaction, the director now directly owns 5,500,000 shares of the company's stock, valued at approximately $130,020,000. The trade was a 7.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,054,770 shares of company stock worth $48,848,167 over the last ninety days. Corporate insiders own 76.40% of the company's stock.

Institutional Investors Weigh In On Grindr

Hedge funds have recently added to or reduced their stakes in the business. Nuveen LLC purchased a new stake in shares of Grindr during the first quarter worth $20,049,000. Adage Capital Partners GP L.L.C. acquired a new position in Grindr during the 1st quarter worth $14,320,000. Bwcp LP purchased a new stake in Grindr during the 4th quarter worth about $12,088,000. Sellaronda Global Management LP purchased a new stake in Grindr during the 4th quarter worth about $10,704,000. Finally, Marshall Wace LLP raised its position in Grindr by 85.2% in the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company's stock valued at $19,928,000 after purchasing an additional 513,770 shares in the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.