Grindr (NYSE:GRND) Price Target Raised to $19.00

Grindr (NYSE:GRND) had its price objective raised by Raymond James from $16.00 to $19.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

GRND has been the topic of several other research reports. TD Cowen raised their price target on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $17.00 price target on shares of Grindr in a report on Monday, July 15th.

Grindr Stock Up 1.6 %

NYSE:GRND opened at $15.00 on Friday. The business’s 50-day moving average price is $12.60 and its two-hundred day moving average price is $11.44. Grindr has a twelve month low of $5.71 and a twelve month high of $15.21. The stock has a market cap of $2.64 billion, a P/E ratio of -42.86 and a beta of 0.33.

Grindr (NYSE:GRND) last released 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 155.16% and a negative net margin of 16.27%. The firm had revenue of $82.35 million for the quarter, compared to analysts’ expectations of $77.40 million. On average, equities research analysts expect that Grindr will post 0.25 EPS for the current fiscal year.

Insider Activity at Grindr

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

Hedge Funds Weigh In On Grindr

A number of large investors have recently bought and sold shares of GRND. nVerses Capital LLC purchased a new position in Grindr in the 3rd quarter worth approximately $27,000. Price T Rowe Associates Inc. MD increased its stake in Grindr by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after purchasing an additional 1,667 shares during the period. Point72 DIFC Ltd purchased a new position in Grindr in the 2nd quarter worth approximately $136,000. Quest Partners LLC increased its stake in Grindr by 9,055.0% in the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after purchasing an additional 12,677 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Grindr in the 2nd quarter worth approximately $189,000. 7.22% of the stock is owned by hedge funds and other 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.