Grindr (NYSE:GRND) Stock Price Breaks Above 50 Day Moving Average - Here's Why

Key Points

• Grindr shares rose 2.5% and moved above their 50-day moving average of $14.51, reaching an intraday high of $14.84.
• Analysts give the stock a “Moderate Buy” consensus, with five Buy ratings and one Hold rating; the average price target is $20.
• In its latest quarter, Grindr’s EPS of $0.12 missed estimates of $0.18, while revenue of $141.38 million exceeded expectations of $136.63 million.

Grindr Inc. (NYSE:GRND - Get Free Report) crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $14.51 and traded as high as $14.84. Grindr shares last traded at $14.8060, with a volume of 2,110,921 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Citigroup reissued a "market outperform" rating on shares of Grindr in a research report on Thursday, October 1st. Wall Street Zen lowered shares of Grindr from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. The Goldman Sachs Group reaffirmed a "buy" rating and set a $20.00 price target on shares of Grindr in a research note on Friday, November 6th. Raymond James Financial reissued an "outperform" rating on shares of Grindr in a research note on Friday, August 7th. Finally, Morgan Stanley restated an "overweight" rating on shares of Grindr in a report on Tuesday, September 8th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.00.

Grindr Stock Up 2.5%

The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.10 and a current ratio of 1.16. The firm has a market cap of $2.57 billion, a PE ratio of 49.35 and a beta of 0.23. The stock has a fifty day moving average price of $14.51 and a 200-day moving average price of $13.70.

Grindr (NYSE:GRND - Get Free Report) last posted its earnings results on Thursday, November 5th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.06). The business had revenue of $141.38 million for the quarter, compared to analyst estimates of $136.63 million. Grindr had a net margin of 10.86% and a return on equity of 975.42%. Research analysts expect that Grindr Inc. will post 0.32 EPS for the current year.

Insiders Place Their Bets

In related news, Director Daniel Baer sold 3,500 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $15.65, for a total transaction of $54,775.00. Following the completion of the sale, the director directly owned 47,912 shares of the company's stock, valued at approximately $749,822.80. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Zage III sold 350,000 shares of Grindr stock in a transaction on Friday, October 16th. The stock was sold at an average price of $14.23, for a total transaction of $4,980,500.00. Following the sale, the director directly owned 6,777,743 shares in the company, valued at $96,447,282.89. This trade represents a 4.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,518,727 shares of company stock worth $22,055,758 in the last 90 days. 60.90% of the stock is owned by company insiders.

Institutional Trading of Grindr

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bleakley Financial Group LLC boosted its stake in shares of Grindr by 24.7% during the 3rd quarter. Bleakley Financial Group LLC now owns 26,529 shares of the company's stock valued at $409,000 after buying an additional 5,255 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Grindr by 209.0% in the third quarter. First Trust Advisors LP now owns 361,852 shares of the company's stock worth $5,583,000 after buying an additional 244,754 shares during the last quarter. Nippon Life Global Investors Americas Inc. bought a new stake in shares of Grindr in the third quarter worth $367,000. State of Wyoming raised its holdings in Grindr by 131.2% in the third quarter. State of Wyoming now owns 13,286 shares of the company's stock valued at $205,000 after acquiring an additional 7,539 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in Grindr by 18.7% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 22,900 shares of the company's stock valued at $353,000 after acquiring an additional 3,600 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 Grindr, a location-based social networking and dating app for the LGBTQ community. The platform lets users create profiles, discover nearby people and communicate through messaging and other in-app features. The company generates revenue primarily through paid subscriptions, which offer additional app features, and advertising. Grindr serves users in countries and territories around the world. Founded in 2009 by Joel Simkhai, Grindr became a publicly traded company in 2022. George Arison is the company's chief executive officer.

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