Grindr’s (GRND) “Outperform” Rating Reiterated at Raymond James

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

A number of other brokerages have also commented on GRND. The Goldman Sachs Group assumed coverage on Grindr in a report on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective on the stock. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Grindr in a research report on Monday, December 16th. Finally, TD Cowen boosted their price target on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th.

Grindr Stock Up 7.8 %

GRND opened at $18.03 on Friday. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of -51.51 and a beta of 0.31. Grindr has a 12-month low of $7.93 and a 12-month high of $18.42. The business has a 50 day moving average of $16.49 and a 200-day moving average of $13.81.

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

Insider Activity at Grindr

In related news, insider Zachary Katz sold 3,058 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $16.40, for a total transaction of $50,151.20. Following the completion of the transaction, the insider now directly owns 580,606 shares in the company, valued at $9,521,938.40. This represents a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vandana Mehta-Krantz sold 60,776 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 722,126 shares in the company, valued at $10,319,180.54. This represents a 7.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,399,000 shares of company stock valued at $36,303,532 over the last three months. 76.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Grindr

Several hedge funds have recently modified their holdings of GRND. Lord Abbett & CO. LLC bought a new stake in Grindr in the third quarter valued at approximately $7,720,000. Marshall Wace LLP increased its position in shares of 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 buying an additional 347,626 shares during the period. Squarepoint Ops LLC raised its stake in Grindr by 264.4% during the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company’s stock worth $3,192,000 after buying an additional 189,237 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Grindr by 219.9% during the third quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock valued at $2,145,000 after acquiring an additional 123,600 shares during the last quarter. Finally, Skye Global Management LP grew its holdings in Grindr by 23.3% during the 3rd quarter. Skye Global Management LP now owns 592,000 shares of the company’s stock worth $7,063,000 after acquiring an additional 112,000 shares during the period. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.