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

Raymond James reissued their outperform rating on shares of Grindr (NYSE:GRND) in a report released on Friday morning,Benzinga reports. The brokerage currently has a $21.00 price objective on the stock, up from their prior price objective of $19.00.

GRND has been the topic of a number of other research reports. TD Cowen increased their price objective on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group initiated coverage on shares of Grindr in a report on Monday, December 16th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price objective on shares of Grindr in a research note on Monday, December 16th.

Grindr Trading Up 7.8 %

GRND opened at $18.03 on Friday. The firm has a 50-day moving average price of $16.49 and a 200-day moving average price of $13.79. Grindr has a twelve month low of $7.93 and a twelve month high of $18.42.

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

Insiders Place Their Bets

In other news, CFO Vandana Mehta-Krantz sold 60,776 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.29, for a total transaction of $868,489.04. Following the sale, the chief financial officer now owns 722,126 shares in the company, valued at approximately $10,319,180.54. This trade represents a 7.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total transaction of $43,729.40. Following the sale, the insider now directly owns 586,722 shares of the company’s stock, valued at $8,390,124.60. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,399,000 shares of company stock worth $36,303,532 in the last ninety days. 76.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Grindr

Large investors have recently modified their holdings of the company. R Squared Ltd purchased a new stake in Grindr in the fourth quarter worth approximately $101,000. SG Americas Securities LLC boosted its stake in shares of Grindr by 140.5% in the 4th quarter. SG Americas Securities LLC now owns 155,893 shares of the company’s stock valued at $2,781,000 after purchasing an additional 91,077 shares in the last quarter. Graypoint LLC bought a new position in shares of Grindr during the 4th quarter valued at $1,211,000. JPMorgan Chase & Co. raised its position in Grindr by 66.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company’s stock worth $2,772,000 after purchasing an additional 93,005 shares during the period. Finally, Principal Financial Group Inc. purchased a new position in Grindr in the 3rd quarter worth $365,000. 7.22% of the stock is 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.