Grindr (NYSE:GRND) Stock Price Up 3.4% - Here's Why

Grindr Inc. (NYSE:GRND - Get Free Report)'s share price rose 3.4% during mid-day trading on Tuesday . The stock traded as high as $13.22 and last traded at $13.15. Approximately 137,981 shares traded hands during trading, a decline of 73% from the average daily volume of 519,360 shares. The stock had previously closed at $12.72.

Analysts Set New Price Targets

GRND has been the subject of several research analyst reports. JMP Securities reiterated a "market outperform" rating and set a $17.00 target price on shares of Grindr in a research report on Monday, July 15th. Raymond James lifted their target price on shares of Grindr from $14.00 to $15.00 and gave the company an "outperform" rating in a research report on Thursday, June 27th. Finally, TD Cowen lifted their price target on shares of Grindr from $12.00 to $14.00 and gave the stock a "buy" rating in a research note on Thursday, June 27th.

Grindr Price Performance

The stock has a market capitalization of $2.42 billion, a PE ratio of -31.22 and a beta of 0.35. The firm's 50 day simple moving average is $12.13 and its 200 day simple moving average is $11.09.

Grindr (NYSE:GRND - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. Grindr had a negative net margin of 25.67% and a negative return on equity of 234.28%. The firm had revenue of $82.35 million for the quarter, compared to the consensus estimate of $77.40 million. Analysts expect that Grindr Inc. will post 0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Kye Chen sold 16,187 shares of Grindr stock in a transaction on Friday, September 6th. The shares were sold at an average price of $11.68, for a total value of $189,064.16. Following the transaction, the chief accounting officer now directly owns 138,604 shares of the company's stock, valued at $1,618,894.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 27,115 shares of company stock valued at $318,994 over the last three months. 76.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC bought a new stake in shares of Grindr during the 3rd quarter valued at $27,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Grindr by 16.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company's stock valued at $120,000 after buying an additional 1,667 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of Grindr during the 2nd quarter valued at $136,000. Quest Partners LLC boosted its holdings in shares of Grindr by 9,055.0% during the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company's stock valued at $157,000 after buying an additional 12,677 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Grindr during the 2nd quarter valued at $189,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.