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 - Free Report) had its price objective decreased by JMP Securities from $27.00 to $23.00 in a research note published on Monday,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

GRND has been the topic of several other research reports. Raymond James Financial reduced their price objective on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Citizens Jmp initiated coverage on shares of Grindr in a report on Monday, June 30th. They set an "outperform" rating and a $27.00 target price on the stock. The Goldman Sachs Group boosted their price target on shares of Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Wall Street Zen lowered shares of Grindr from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $22.60.

Grindr Stock Up 1.9%

Shares of GRND traded up $0.31 during midday trading on Monday, hitting $16.64. The stock had a trading volume of 825,348 shares, compared to its average volume of 1,815,594. The company has a 50 day simple moving average of $20.57 and a two-hundred day simple moving average of $19.99. Grindr has a twelve month low of $11.39 and a twelve month high of $25.13. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of -37.82 and a beta of 0.25. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.48 and a quick ratio of 4.22.

Grindr (NYSE:GRND - Get Free Report) last released its quarterly 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 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 analyst estimates of $104.40 million. During the same period in the prior year, the business earned ($0.13) EPS. The business's revenue for the quarter was up 26.6% compared to the same quarter last year. On average, analysts anticipate that Grindr will post 0.29 EPS for the current year.

Insider Buying and Selling at Grindr

In related news, Director J Michael Gearon, Jr. sold 477,570 shares of the business'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 owned 5,500,000 shares in the company, valued at $130,020,000. The trade was a 7.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Fu Bin Lu sold 852,567 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $23.93, for a total transaction of $20,401,928.31. Following the completion of the sale, the director owned 26,588,867 shares in the company, valued at $636,271,587.31. The trade was a 3.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,112,674 shares of company stock worth $74,092,796 in the last quarter. Corporate insiders own 67.70% of the company's stock.

Hedge Funds Weigh In On Grindr

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC purchased a new position in Grindr in the first quarter worth approximately $197,000. Allspring Global Investments Holdings LLC boosted its position in shares of Grindr by 5.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 97,716 shares of the company's stock worth $1,808,000 after buying an additional 5,265 shares in the last quarter. First Trust Advisors LP lifted its holdings in Grindr by 11.7% in the 4th quarter. First Trust Advisors LP now owns 95,481 shares of the company's stock valued at $1,703,000 after purchasing an additional 9,968 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Grindr during the 4th quarter valued at about $884,000. Finally, GAMMA Investing LLC increased its position in Grindr by 45.5% during the 1st 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. 7.22% of the stock is owned by hedge funds and other institutional investors.

Grindr Company Profile

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.