Raymond James Issues Positive Forecast for Grindr (NYSE:GRND) Stock Price

Grindr (NYSE:GRND - Free Report) had its price target boosted by Raymond James from $16.00 to $19.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages also recently weighed in on GRND. JMP Securities reiterated a "market outperform" rating and issued a $17.00 price target on shares of Grindr in a report on Monday, July 15th. TD Cowen raised their target price on shares of Grindr from $14.00 to $17.00 and gave the stock a "buy" rating in a report on Wednesday.

Grindr Trading Up 1.5 %

Shares of NYSE:GRND traded up $0.22 on Friday, hitting $14.99. 1,011,507 shares of the company were exchanged, compared to its average volume of 524,963. The firm has a market capitalization of $2.64 billion, a P/E ratio of -34.07 and a beta of 0.33. Grindr has a 1-year low of $5.71 and a 1-year high of $15.21. The stock's 50 day moving average price is $12.60 and its 200 day moving average price is $11.41.

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

Insider Activity at Grindr

In other Grindr news, CAO Kye Chen sold 16,187 shares of the company's stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $11.68, for a total value of $189,064.16. Following the sale, the chief accounting officer now owns 138,604 shares in the company, valued at approximately $1,618,894.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Over the last ninety days, insiders sold 27,115 shares of company stock worth $318,994. 76.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Marshall Wace LLP increased its stake in shares of Grindr by 124.0% in the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company's stock valued at $7,685,000 after purchasing an additional 347,626 shares in the last quarter. Federated Hermes Inc. acquired a new position in shares of Grindr during the 2nd quarter worth approximately $3,640,000. Discovery Capital Management LLC CT purchased a new position in shares of Grindr during the 2nd quarter valued at approximately $3,179,000. Yarra Square Partners LP acquired a new stake in Grindr in the 2nd quarter valued at $3,005,000. Finally, Squarepoint Ops LLC increased its holdings in Grindr by 264.4% in the 2nd quarter. Squarepoint Ops LLC now owns 260,814 shares of the company's stock worth $3,192,000 after acquiring an additional 189,237 shares in the last quarter. 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.