JMP Securities Lowers Grindr (NYSE:GRND) Price Target to $23.00

Key Points

• JMP Securities has lowered Grindr's price target from $27.00 to $23.00, while maintaining a "market outperform" rating, suggesting a potential upside of 46.31% from the current stock price.
• Recent stock performance shows Grindr's shares opened at $15.72 and are down 12.1%, with a market capitalization of $3.08 billion and a P/E ratio of -35.73.
• Despite challenges, Grindr reported a 26.6% year-over-year revenue increase, totaling $104.00 million for the last quarter, although they missed analyst expectations on earnings.

Grindr (NYSE:GRND - Get Free Report) had its price objective lowered by research analysts at JMP Securities from $27.00 to $23.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. JMP Securities' price target suggests a potential upside of 46.31% from the company's current price.

A number of other research analysts have also commented on GRND. Citizens Jmp assumed coverage on shares of Grindr in a research report on Monday, June 30th. They set an "outperform" rating and a $27.00 price objective for the company. Wall Street Zen lowered shares of Grindr from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Raymond James Financial dropped their price target on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a research report on Friday. Finally, The Goldman Sachs Group increased their price target on shares of Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $22.60.

Grindr Stock Down 12.1%

Shares of GRND opened at $15.72 on Monday. The company has a 50-day simple moving average of $21.14 and a 200-day simple moving average of $20.06. The firm has a market capitalization of $3.08 billion, a P/E ratio of -35.73 and a beta of 0.25. The company has a debt-to-equity ratio of 0.85, a quick ratio of 4.22 and a current ratio of 4.22. Grindr has a 52 week low of $11.01 and a 52 week high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The company had revenue of $104.00 million for the quarter, compared to analyst estimates of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 132.07%. The firm's quarterly revenue was up 26.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.13) EPS. On average, equities research analysts expect that Grindr will post 0.29 earnings per share for the current year.

Insider Activity

In related news, Director James Fu Bin Lu sold 852,567 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $23.93, for a total value of $20,401,928.31. Following the completion of the transaction, the director owned 26,588,867 shares of the company's stock, valued at $636,271,587.31. This represents a 3.11% 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 J Michael Gearon, Jr. sold 477,570 shares of the stock in a transaction dated Monday, May 19th. The stock was 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 directly owned 5,500,000 shares of the company's stock, valued at $130,020,000. This trade represents a 7.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,660,481 shares of company stock valued at $87,543,313 in the last three months. Company insiders own 67.70% of the company's stock.

Institutional Trading of Grindr

Several large investors have recently added to or reduced their stakes in GRND. Nuveen LLC bought a new stake in Grindr during the first quarter worth about $20,049,000. Adage Capital Partners GP L.L.C. bought a new stake in Grindr during the first quarter worth about $14,320,000. Bwcp LP bought a new stake in Grindr during the fourth quarter worth about $12,088,000. Marshall Wace LLP grew its stake in Grindr by 85.2% during the fourth quarter. Marshall Wace LLP now owns 1,117,053 shares of the company's stock worth $19,928,000 after buying an additional 513,770 shares during the last quarter. Finally, Woodline Partners LP bought a new stake in Grindr during the fourth quarter worth about $7,436,000. 7.22% of the stock is owned by 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.

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