Grindr’s (GRND) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities reissued their market outperform rating on shares of Grindr (NYSE:GRND) in a research report released on Thursday morning,Benzinga reports. JMP Securities currently has a $21.00 price objective on the stock.

Several other research firms also recently commented on GRND. The Goldman Sachs Group began coverage on Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective for the company. TD Cowen boosted their price target 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. Finally, Raymond James reiterated an “outperform” rating and issued a $21.00 price objective (up previously from $19.00) on shares of Grindr in a report on Friday, January 24th.

Grindr Price Performance

GRND stock opened at $18.08 on Thursday. Grindr has a 52 week low of $7.93 and a 52 week high of $18.42. The firm has a 50-day simple moving average of $17.03 and a 200-day simple moving average of $14.16.

Grindr (NYSE:GRND) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). The firm had revenue of $89.33 million for the quarter, compared to analysts’ expectations of $88.50 million. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. During the same quarter last year, the firm posted $0.06 earnings per share. On average, analysts predict that Grindr will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, Director Nathan Richardson sold 4,766 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $71,490.00. Following the completion of the transaction, the director now directly owns 22,642 shares in the company, valued at approximately $339,630. This represents a 17.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total transaction of $43,729.40. Following the completion of the sale, the insider now owns 586,722 shares in the company, valued at approximately $8,390,124.60. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,393,766 shares of company stock valued at $36,225,022. 76.40% of the stock is currently owned by insiders.

Institutional Trading of Grindr

Several institutional investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC acquired a new position in Grindr during the third quarter worth $27,000. R Squared Ltd acquired a new position in Grindr during the 4th quarter worth about $101,000. Centiva Capital LP purchased a new position in Grindr during the 3rd quarter valued at about $160,000. The Manufacturers Life Insurance Company boosted its holdings in Grindr by 9.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock valued at $163,000 after acquiring an additional 1,166 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in Grindr in the 4th quarter valued at about $201,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.