Citizens Jmp Begins Coverage on Grindr (NYSE:GRND)

Analysts at Citizens Jmp initiated coverage on shares of Grindr (NYSE:GRND) in a note issued to investors on Monday, Marketbeat.com reports. The firm set an “outperform” rating and a $27.00 price target on the stock. Citizens Jmp’s target price indicates a potential upside of 19.81% from the stock’s previous close.

A number of other research firms also recently issued reports on GRND. JMP Securities reiterated a “market outperform” rating and issued a $24.00 price objective on shares of Grindr in a research note on Monday, April 21st. The Goldman Sachs Group boosted their price objective on Grindr from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Citigroup reaffirmed an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. Raymond James Financial restated an “outperform” rating and set a $26.00 price target (up previously from $22.00) on shares of Grindr in a research report on Friday, May 9th. Finally, Wall Street Zen raised shares of Grindr from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $24.60.

Grindr Trading Up 1.6%

GRND stock traded up $0.37 during mid-day trading on Monday, reaching $22.54. The company’s stock had a trading volume of 666,400 shares, compared to its average volume of 1,178,020. The company has a market cap of $4.41 billion, a price-to-earnings ratio of -34.62 and a beta of 0.28. Grindr has a 12 month low of $10.26 and a 12 month high of $25.13. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.85. The business’s 50 day moving average price is $23.13 and its 200 day moving average price is $19.58.

Grindr (NYSE:GRND) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. Grindr had a negative net margin of 26.04% and a positive return on equity of 219.47%. On average, equities research analysts predict that Grindr will post 0.29 EPS for the current year.

Insider Buying and Selling

In other news, CFO Vandana Mehta-Krantz sold 20,982 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $22.18, for a total value of $465,380.76. Following the transaction, the chief financial officer owned 731,612 shares in the company, valued at $16,227,154.16. This represents a 2.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Fu Bin Lu sold 852,567 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $23.93, for a total transaction of $20,401,928.31. Following the completion of the transaction, the director owned 26,588,867 shares of the company’s stock, valued at approximately $636,271,587.31. The trade was a 3.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,610,866 shares of company stock valued at $110,193,788 in the last ninety days. Corporate insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Several large investors have recently modified their holdings of the stock. Militia Capital Partners LP bought a new position in Grindr during the 1st quarter worth about $806,000. Rhumbline Advisers boosted its holdings in Grindr by 3.0% in the first quarter. Rhumbline Advisers now owns 43,043 shares of the company’s stock valued at $770,000 after purchasing an additional 1,272 shares during the last quarter. Ascent Group LLC purchased a new stake in Grindr during the first quarter worth $262,000. Voleon Capital Management LP raised its stake in shares of Grindr by 172.8% during the 1st quarter. Voleon Capital Management LP now owns 186,000 shares of the company’s stock worth $3,329,000 after buying an additional 117,806 shares during the period. Finally, Petrus Trust Company LTA purchased a new position in Grindr in the 1st quarter valued at about $1,167,000. 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.