Raymond James Reaffirms “Outperform” Rating for Grindr (NYSE:GRND)

Grindr (NYSE:GRND)‘s stock had its “outperform” rating reaffirmed by stock analysts at Raymond James in a research note issued to investors on Friday,Benzinga reports. They presently have a $21.00 price objective on the stock, up from their prior price objective of $19.00. Raymond James’ price target suggests a potential upside of 16.49% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Grindr in a research note on Monday, December 16th. The Goldman Sachs Group started coverage on shares of Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price target for the company. Finally, TD Cowen lifted their price objective on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th.

Grindr Stock Performance

NYSE GRND opened at $18.03 on Friday. Grindr has a one year low of $7.93 and a one year high of $18.42. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of -51.51 and a beta of 0.31. The company’s 50-day simple moving average is $16.49 and its two-hundred day simple moving average is $13.80.

Grindr (NYSE:GRND) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). The business had revenue of $89.33 million for the quarter, compared to analysts’ expectations of $88.50 million. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. During the same period in the previous year, the business earned $0.06 earnings per share. Equities analysts expect that Grindr will post 0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Grindr

In other Grindr news, Director James Fu Bin Lu sold 692,211 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $15.37, for a total transaction of $10,639,283.07. Following the transaction, the director now owns 32,968,400 shares in the company, valued at approximately $506,724,308. This represents a 2.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total transaction of $43,729.40. Following the sale, the insider now owns 586,722 shares of the company’s stock, valued at $8,390,124.60. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,399,000 shares of company stock worth $36,303,532. 76.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Grindr

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GRND. Lord Abbett & CO. LLC acquired a new position in shares of Grindr in the third quarter valued at about $7,720,000. Marshall Wace LLP increased its holdings in Grindr by 124.0% in the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock worth $7,685,000 after buying an additional 347,626 shares during the period. Skye Global Management LP raised its position in Grindr by 23.3% during the 3rd quarter. Skye Global Management LP now owns 592,000 shares of the company’s stock worth $7,063,000 after buying an additional 112,000 shares during the last quarter. Geode Capital Management LLC lifted its stake in Grindr by 7.5% during the 3rd quarter. Geode Capital Management LLC now owns 514,520 shares of the company’s stock valued at $6,139,000 after acquiring an additional 36,001 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in shares of Grindr by 264.4% in the 2nd quarter. Squarepoint Ops LLC now owns 260,814 shares of the company’s stock valued at $3,192,000 after acquiring an additional 189,237 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

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.