Grindr (NYSE:GRND) Stock Price Up 7.7% – Here’s Why

Grindr Inc. (NYSE:GRND)’s share price rose 7.7% during trading on Friday . The stock traded as high as $13.82 and last traded at $13.71. Approximately 1,306,613 shares traded hands during trading, a decline of 32% from the average daily volume of 1,929,934 shares. The stock had previously closed at $12.73.

Wall Street Analyst Weigh In

GRND has been the subject of several recent analyst reports. Wall Street Zen cut Grindr from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grindr in a research note on Wednesday, October 8th. Raymond James Financial dropped their price target on Grindr from $26.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. JMP Securities dropped their price target on Grindr from $27.00 to $23.00 and set a “market outperform” rating for the company in a research note on Monday, August 11th. Finally, Citizens Jmp assumed coverage on Grindr in a research note on Monday, June 30th. They set an “outperform” rating and a $27.00 price target for the company. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Grindr presently has an average rating of “Moderate Buy” and an average target price of $22.60.

Grindr Stock Performance

The company has a debt-to-equity ratio of 1.43, a current ratio of 2.48 and a quick ratio of 2.48. The company has a 50 day simple moving average of $15.17 and a 200-day simple moving average of $19.16. The stock has a market cap of $2.49 billion, a P/E ratio of -29.48 and a beta of 0.23.

Grindr (NYSE:GRND) last released its earnings results on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The company had revenue of $104.00 million during the quarter, compared to the consensus estimate of $104.40 million. During the same period last year, the firm posted ($0.13) EPS. The company’s revenue was up 26.6% on a year-over-year basis. On average, equities analysts expect that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Zachary Katz sold 7,645 shares of the business’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $12.83, for a total value of $98,085.35. Following the completion of the sale, the insider owned 548,339 shares of the company’s stock, valued at approximately $7,035,189.37. The trade was a 1.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James Fu Bin Lu sold 400,000 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $12.96, for a total value of $5,184,000.00. Following the completion of the sale, the director directly owned 24,538,867 shares of the company’s stock, valued at approximately $318,023,716.32. This trade represents a 1.60% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,126,547 shares of company stock worth $27,730,751. Insiders own 67.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Voya Investment Management LLC raised its position in Grindr by 81.2% during the 3rd quarter. Voya Investment Management LLC now owns 243,824 shares of the company’s stock valued at $3,662,000 after purchasing an additional 109,250 shares during the last quarter. Osaic Holdings Inc. raised its position in Grindr by 749.0% during the 2nd quarter. Osaic Holdings Inc. now owns 6,486 shares of the company’s stock valued at $147,000 after purchasing an additional 5,722 shares during the last quarter. Orion Porfolio Solutions LLC raised its position in Grindr by 190.6% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 66,908 shares of the company’s stock valued at $1,519,000 after purchasing an additional 43,886 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Grindr by 171.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,321 shares of the company’s stock valued at $166,000 after purchasing an additional 4,621 shares during the last quarter. Finally, Florida Financial Advisors LLC bought a new position in Grindr during the 2nd quarter valued at approximately $561,000. Institutional investors 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.