Grindr (NYSE:GRND) PT Raised to $17.00

Grindr (NYSE:GRND) had its price objective lifted by investment analysts at JMP Securities from $14.00 to $17.00 in a research note issued to investors on Thursday, MarketBeat reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price target points to a potential upside of 38.89% from the stock’s previous close.

A number of other brokerages have also issued reports on GRND. Raymond James began coverage on Grindr in a report on Thursday, April 4th. They issued an “outperform” rating and a $14.00 price target for the company. TD Cowen initiated coverage on Grindr in a report on Thursday, March 28th. They set a “buy” rating and a $12.00 target price for the company.

Grindr Stock Down 0.4 %

Shares of NYSE:GRND opened at $12.24 on Thursday. The company has a debt-to-equity ratio of 13.21, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $2.15 billion, a PE ratio of -68.00 and a beta of 0.28. The business has a 50 day simple moving average of $9.86 and a two-hundred day simple moving average of $9.34. Grindr has a 1 year low of $4.49 and a 1 year high of $12.42.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. The firm had revenue of $75.35 million during the quarter, compared to analyst estimates of $72.60 million. Grindr had a positive return on equity of 3,761.31% and a negative net margin of 11.56%. During the same quarter in the previous year, the business earned ($0.19) earnings per share.

Insiders Place Their Bets

In other Grindr news, CEO George Arison sold 2,931 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $10.00, for a total transaction of $29,310.00. Following the completion of the sale, the chief executive officer now owns 3,022,666 shares in the company, valued at $30,226,660. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO George Arison sold 2,931 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $10.00, for a total transaction of $29,310.00. Following the transaction, the chief executive officer now directly owns 3,022,666 shares of the company’s stock, valued at $30,226,660. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James Fu Bin Lu sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $10.00, for a total value of $10,000,000.00. Following the transaction, the director now directly owns 37,708,301 shares in the company, valued at $377,083,010. The disclosure for this sale can be found here. Insiders sold a total of 1,781,103 shares of company stock worth $17,183,504 over the last 90 days. Company insiders own 78.20% of the company’s stock.

Hedge Funds Weigh In On Grindr

Several hedge funds have recently made changes to their positions in GRND. Price T Rowe Associates Inc. MD increased its position in shares of Grindr by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after acquiring an additional 1,667 shares during the period. New York State Common Retirement Fund increased its position in shares of Grindr by 11.7% in the 4th quarter. New York State Common Retirement Fund now owns 19,365 shares of the company’s stock valued at $170,000 after acquiring an additional 2,030 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in Grindr in the first quarter valued at $209,000. GSA Capital Partners LLP purchased a new stake in Grindr in the first quarter valued at $545,000. Finally, Jump Financial LLC purchased a new stake in Grindr in the fourth quarter valued at $617,000. 7.22% of the stock is owned by institutional investors and hedge funds.

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.