Grindr (NYSE:GRND) Receives Market Outperform Rating from JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Grindr (NYSE:GRND - Free Report) in a research report sent to investors on Monday,Benzinga reports. JMP Securities currently has a $24.00 price target on the stock.

GRND has been the topic of several other research reports. Citigroup reissued an "outperform" rating on shares of Grindr in a research report on Thursday, March 6th. Raymond James reaffirmed an "outperform" rating and set a $22.00 target price on shares of Grindr in a research report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.75.

Grindr Price Performance

Shares of NYSE:GRND traded up $0.23 during trading on Monday, hitting $21.06. 1,149,616 shares of the company's stock were exchanged, compared to its average volume of 961,818. The company has a market cap of $4.39 billion, a price-to-earnings ratio of -60.17 and a beta of 0.31. Grindr has a 52-week low of $8.95 and a 52-week high of $21.33. The business's 50-day simple moving average is $17.95 and its 200 day simple moving average is $16.64.

Insider Activity

In related news, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total transaction of $49,631.34. Following the completion of the transaction, the insider now directly owns 613,800 shares in the company, valued at $9,961,974. The trade was a 0.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders sold 8,115 shares of company stock valued at $139,397. Insiders own 76.40% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Barclays PLC grew its position in shares of Grindr by 106.8% during the third quarter. Barclays PLC now owns 72,580 shares of the company's stock worth $865,000 after buying an additional 37,477 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Grindr by 7.5% during the third quarter. Geode Capital Management LLC now owns 514,520 shares of the company's stock valued at $6,139,000 after purchasing an additional 36,001 shares in the last quarter. Lord Abbett & CO. LLC acquired a new stake in Grindr in the third quarter worth approximately $7,720,000. Principal Financial Group Inc. bought a new position in shares of Grindr during the 3rd quarter valued at about $365,000. Finally, JPMorgan Chase & Co. grew its position in Grindr by 66.7% in the third quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company's stock worth $2,772,000 after buying an additional 93,005 shares during 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.