Grindr (NYSE:GRND) Receives Outperform Rating from Raymond James

Raymond James restated their outperform rating on shares of Grindr (NYSE:GRND) in a research note published on Friday,Benzinga reports. They currently have a $21.00 price target on the stock, up from their prior price target of $19.00.

Other research analysts also recently issued reports about the company. TD Cowen boosted their price objective on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a research note on Monday, December 16th. Finally, The Goldman Sachs Group assumed coverage on shares of Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective for the company.

Grindr Price Performance

NYSE:GRND opened at $18.03 on Friday. Grindr has a fifty-two week low of $7.93 and a fifty-two week high of $18.42. The company has a 50 day simple moving average of $16.49 and a two-hundred day simple moving average of $13.79.

Grindr (NYSE:GRND) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.02). The firm had revenue of $89.33 million for the quarter, compared to analyst estimates of $88.50 million. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. During the same quarter last year, the company earned $0.06 earnings per share. As a group, equities research analysts anticipate that Grindr will post 0.28 earnings per share for the current year.

Insider Activity at Grindr

In related news, Director Nathan Richardson sold 5,234 shares of Grindr stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.00, for a total transaction of $78,510.00. Following the transaction, the director now owns 27,408 shares of the company’s stock, valued at $411,120. The trade was a 16.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Zachary Katz sold 3,058 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total value of $43,729.40. Following the completion of the sale, the insider now directly owns 586,722 shares of the company’s stock, valued at $8,390,124.60. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,399,000 shares of company stock valued at $36,303,532. 76.40% of the stock is owned by company insiders.

Institutional Trading of Grindr

Several institutional investors have recently made changes to their positions in the company. nVerses Capital LLC bought a new stake in Grindr during the third quarter worth $27,000. R Squared Ltd bought a new stake in shares of Grindr during the 4th quarter worth $101,000. Point72 DIFC Ltd purchased a new position in shares of Grindr in the 2nd quarter worth about $136,000. Centiva Capital LP bought a new position in Grindr during the third quarter valued at about $160,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Grindr by 9.3% during the third quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock worth $163,000 after buying an additional 1,166 shares during the last quarter. Institutional investors 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.