Grindr (NYSE:GRND) Shares Gap Up – Here’s What Happened

Grindr Inc. (NYSE:GRND) gapped up before the market opened on Friday . The stock had previously closed at $16.73, but opened at $17.90. Grindr shares last traded at $17.83, with a volume of 878,616 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on GRND shares. Raymond James upped their price objective on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Grindr in a report on Monday, December 16th. The Goldman Sachs Group began coverage on shares of Grindr in a research note on Monday, December 16th. They set a “buy” rating and a $20.00 price objective for the company. Finally, TD Cowen boosted their target price on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

Grindr Price Performance

The stock’s fifty day moving average price is $16.41 and its 200 day moving average price is $13.75. The stock has a market capitalization of $3.18 billion, a P/E ratio of -51.40 and a beta of 0.31.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). The firm had revenue of $89.33 million during the quarter, compared to the consensus estimate 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 period last year, the company earned $0.06 EPS. On average, sell-side analysts expect that Grindr Inc. will post 0.28 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hsbc Holdings PLC raised its stake in Grindr by 9.5% in the 2nd quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock worth $286,000 after acquiring an additional 2,050 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Grindr in the second quarter worth about $371,000. Sei Investments Co. acquired a new stake in shares of Grindr during the second quarter worth about $483,000. Marshall Wace LLP boosted its position in Grindr by 124.0% in the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after buying an additional 347,626 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Grindr in the 2nd quarter worth approximately $136,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

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.