Grindr (NYSE:GRND) Rating Reiterated by JMP Securities

Grindr (NYSE:GRND)‘s stock had its “market outperform” rating reissued by investment analysts at JMP Securities in a research report issued on Monday, Benzinga reports. They presently have a $17.00 target price on the stock. JMP Securities’ price objective indicates a potential upside of 36.99% from the stock’s current price.

Several other research firms also recently commented on GRND. TD Cowen boosted their target price on Grindr from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Raymond James upped their price target on Grindr from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Thursday, June 27th.

Grindr Stock Performance

GRND opened at $12.41 on Monday. Grindr has a 52-week low of $4.49 and a 52-week high of $12.83. The stock has a market capitalization of $2.18 billion, a PE ratio of -68.94 and a beta of 0.35. The stock’s 50 day moving average price is $10.37 and its 200-day moving average price is $9.66.

Grindr (NYSE:GRND) last posted its earnings results on Thursday, May 9th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. The firm had revenue of $75.35 million for the quarter, compared to analysts’ expectations of $72.60 million. Grindr had a positive return on equity of 3,761.31% and a negative net margin of 11.56%. During the same period in the previous year, the firm earned ($0.19) earnings per share. Research analysts forecast that Grindr will post 0.21 EPS for the current fiscal year.

Insider Activity at Grindr

In related news, Director James Fu Bin Lu sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $10.00, for a total transaction of $10,000,000.00. Following the completion of the sale, the director now owns 37,708,301 shares in the company, valued at $377,083,010. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Grindr news, Director James Fu Bin Lu sold 1,000,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $10.00, for a total value of $10,000,000.00. Following the completion of the sale, the director now owns 37,708,301 shares in the company, valued at $377,083,010. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO George Arison sold 83,639 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $10.15, for a total value of $848,935.85. Following the completion of the sale, the chief executive officer now owns 3,029,027 shares of the company’s stock, valued at approximately $30,744,624.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,781,103 shares of company stock worth $17,183,504. 76.40% of the stock is owned by insiders.

Institutional Trading of Grindr

Several institutional investors have recently made changes to their positions in GRND. Price T Rowe Associates Inc. MD boosted its stake in Grindr by 16.5% during the first 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 during the last quarter. New York State Common Retirement Fund boosted its stake in Grindr by 11.7% during the fourth quarter. New York State Common Retirement Fund now owns 19,365 shares of the company’s stock valued at $170,000 after buying an additional 2,030 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Grindr during the first quarter valued at approximately $209,000. Simplicity Wealth LLC bought a new stake in shares of Grindr in the 2nd quarter valued at approximately $303,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Grindr in the 1st quarter valued at approximately $545,000. 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.