Grindr (NYSE:GRND) Shares Up 3.3% – Should You Buy?

Grindr Inc. (NYSE:GRND) shot up 3.3% during trading on Tuesday . The company traded as high as $12.24 and last traded at $12.23. 41,760 shares traded hands during trading, a decline of 92% from the average session volume of 519,324 shares. The stock had previously closed at $11.84.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on GRND shares. TD Cowen increased their target price on shares of Grindr from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. JMP Securities reissued a “market outperform” rating and issued a $17.00 price objective on shares of Grindr in a report on Monday, July 15th. Finally, Raymond James lifted their target price on shares of Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Thursday, June 27th.

Grindr Stock Performance

The company has a market capitalization of $2.23 billion, a PE ratio of -70.83 and a beta of 0.35. The stock’s fifty day simple moving average is $11.84 and its 200-day simple moving average is $10.91.

Grindr (NYSE:GRND) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. Grindr had a negative net margin of 25.67% and a negative return on equity of 234.28%. The firm had revenue of $82.35 million during the quarter, compared to analyst estimates of $77.40 million. On average, equities analysts anticipate that Grindr Inc. will post 0.25 EPS for the current year.

Insider Activity at Grindr

In other Grindr news, CAO Kye Chen sold 16,187 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $11.68, for a total transaction of $189,064.16. Following the completion of the transaction, the chief accounting officer now directly owns 138,604 shares of the company’s stock, valued at $1,618,894.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 76.40% of the stock is currently owned by company insiders.

Institutional Trading of Grindr

Several large investors have recently added to or reduced their stakes in GRND. Marshall Wace LLP grew its holdings in Grindr by 124.0% during the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock worth $7,685,000 after acquiring an additional 347,626 shares during the period. Vanguard Group Inc. boosted its position in shares of Grindr by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock valued at $5,778,000 after purchasing an additional 30,574 shares in the last quarter. Federated Hermes Inc. bought a new stake in Grindr during the second quarter worth approximately $3,640,000. Squarepoint Ops LLC grew its holdings in shares of Grindr by 264.4% in the 2nd quarter. Squarepoint Ops LLC now owns 260,814 shares of the company’s stock worth $3,192,000 after acquiring an additional 189,237 shares during the last quarter. Finally, Discovery Capital Management LLC CT acquired a new position in shares of Grindr in the 2nd quarter worth $3,179,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.