Grindr (NYSE:GRND) Receives "Market Outperform" Rating from JMP Securities

JMP Securities restated their market outperform rating on shares of Grindr (NYSE:GRND - Free Report) in a research report report published on Thursday,Benzinga reports. The firm currently has a $21.00 price target on the stock.

Other analysts have also recently issued reports about the stock. Raymond James restated an "outperform" rating and set a $21.00 price objective (up from $19.00) on shares of Grindr in a research note on Friday, January 24th. The Goldman Sachs Group began coverage on Grindr in a report on Monday, December 16th. They issued a "buy" rating and a $20.00 price objective on the stock. Finally, TD Cowen raised their price target on shares of Grindr from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th.

Grindr Price Performance

NYSE GRND traded down $0.17 during midday trading on Thursday, hitting $17.97. 1,268,592 shares of the company traded hands, compared to its average volume of 1,052,195. Grindr has a 52 week low of $7.93 and a 52 week high of $18.42. The company's 50-day simple moving average is $17.09 and its 200-day simple moving average is $14.24. The company has a market cap of $3.17 billion, a PE ratio of -51.33 and a beta of 0.30.

Grindr (NYSE:GRND - Get Free Report) last released its quarterly earnings results 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). Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. The firm had revenue of $89.33 million during the quarter, compared to analysts' expectations of $88.50 million. During the same period in the prior year, the firm posted $0.06 earnings per share. On average, research analysts predict that Grindr will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other news, Director James Fu Bin Lu sold 750,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the completion of the transaction, the director now directly owns 31,540,655 shares of the company's stock, valued at $477,525,516.70. This trade represents a 2.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the company's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $16.40, for a total transaction of $50,151.20. Following the completion of the transaction, the insider now owns 580,606 shares in the company, valued at approximately $9,521,938.40. This trade represents 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 have sold 2,389,000 shares of company stock worth $36,153,532. Company insiders own 76.40% of the company's stock.

Hedge Funds Weigh In On Grindr

A number of large investors have recently bought and sold shares of the stock. Swiss National Bank acquired a new position in shares of Grindr in the fourth quarter worth about $926,000. Aigen Investment Management LP increased its position in Grindr by 51.5% in the 4th quarter. Aigen Investment Management LP now owns 28,619 shares of the company's stock valued at $511,000 after acquiring an additional 9,726 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Grindr by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 195,298 shares of the company's stock worth $3,484,000 after buying an additional 3,612 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Grindr by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company's stock worth $944,000 after purchasing an additional 623 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in Grindr during the fourth quarter worth about $201,000. 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.