Grindr (NYSE:GRND) Shares Gap Up – Time to Buy?

Grindr Inc. (NYSE:GRND) gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JMP Securities restated a “market outperform” rating and issued a $21.00 target price on shares of Grindr in a report on Monday, December 16th. TD Cowen increased their price target on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Raymond James restated an “outperform” rating and set a $21.00 price target (up previously from $19.00) on shares of Grindr in a report on Friday. Finally, The Goldman Sachs Group began coverage on Grindr in a report on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective on the stock.

Grindr Price Performance

The business’s 50-day moving average price is $16.49 and its 200-day moving average price is $13.80. The firm has a market capitalization of $3.18 billion, a PE ratio of -51.51 and a beta of 0.31.

Grindr (NYSE:GRND) last posted 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 for the quarter, compared to analysts’ expectations of $88.50 million. During the same period in the prior year, the company earned $0.06 earnings per share. Equities analysts forecast that Grindr Inc. will post 0.28 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Grindr

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in Grindr by 9.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock worth $163,000 after purchasing an additional 1,166 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Grindr by 9.5% during the second quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock worth $286,000 after buying an additional 2,050 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of Grindr in the third quarter valued at approximately $27,000. Bleakley Financial Group LLC lifted its stake in shares of Grindr by 9.6% during the third quarter. Bleakley Financial Group LLC now owns 27,188 shares of the company’s stock valued at $324,000 after buying an additional 2,371 shares during the period. Finally, R Squared Ltd purchased a new position in shares of Grindr during the fourth quarter valued at approximately $101,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.