Grindr (NYSE:GRND) Stock Price Up 3.4% – Here’s Why

Shares of Grindr Inc. (NYSE:GRND) shot up 3.4% during trading on Tuesday . The company traded as high as $13.22 and last traded at $13.15. Approximately 137,981 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 519,360 shares. The stock had previously closed at $12.72.

Analysts Set New Price Targets

Several research firms recently weighed in on GRND. TD Cowen lifted their target price on shares of Grindr from $12.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Raymond James upped their target price on Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, June 27th. Finally, JMP Securities reissued a “market outperform” rating and set a $17.00 price target on shares of Grindr in a research report on Monday, July 15th.

Grindr Stock Performance

The business’s fifty day simple moving average is $12.19 and its 200 day simple moving average is $11.12. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -29.89 and a beta of 0.35.

Grindr (NYSE:GRND) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $82.35 million during the quarter, compared to the consensus estimate of $77.40 million. As a group, analysts forecast that Grindr Inc. will post 0.25 EPS for the current fiscal year.

Insider Activity

In related news, CAO Kye Chen sold 4,964 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $11.81, for a total value of $58,624.84. Following the sale, the chief accounting officer now directly owns 130,598 shares of the company’s stock, valued at $1,542,362.38. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders sold 27,115 shares of company stock worth $318,994. 76.40% of the stock is currently owned by insiders.

Institutional Trading of Grindr

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position 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 acquiring an additional 1,667 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Grindr by 9.5% during the second quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock worth $286,000 after purchasing an additional 2,050 shares during the period. nVerses Capital LLC bought a new position in shares of Grindr in the 3rd quarter worth about $27,000. Bleakley Financial Group LLC boosted its holdings in shares of Grindr by 9.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 27,188 shares of the company’s stock valued at $324,000 after buying an additional 2,371 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of Grindr by 10.5% during the 3rd quarter. SG Americas Securities LLC now owns 64,816 shares of the company’s stock valued at $773,000 after buying an additional 6,168 shares during the last quarter. 7.22% of the stock is owned by 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.