Grindr Inc. (NYSE:GRND – Get Free Report) shot up 6% during mid-day trading on Tuesday . The stock traded as high as $13.32 and last traded at $13.3860. 770,542 shares traded hands during trading, a decline of 49% from the average session volume of 1,512,418 shares. The stock had previously closed at $12.63.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on GRND. Weiss Ratings raised Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. The Goldman Sachs Group dropped their price objective on Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Raymond James Financial reiterated an “outperform” rating and issued a $18.00 price objective on shares of Grindr in a research report on Friday, May 8th. TD Cowen reiterated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Finally, Morgan Stanley assumed coverage on Grindr in a report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 target price for the company. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Grindr currently has a consensus rating of “Moderate Buy” and an average price target of $18.40.
Get Our Latest Report on Grindr
Grindr Stock Down 0.9%
Grindr (NYSE:GRND – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The company had revenue of $129.94 million during the quarter, compared to the consensus estimate of $119.42 million. Grindr had a net margin of 19.85% and a return on equity of 123.31%. Sell-side analysts predict that Grindr Inc. will post 0.58 EPS for the current fiscal year.
Institutional Trading of Grindr
A number of institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC increased its position in shares of Grindr by 289.1% in the first quarter. AQR Capital Management LLC now owns 88,134 shares of the company’s stock valued at $1,578,000 after buying an additional 65,485 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Grindr by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock worth $517,000 after buying an additional 762 shares in the last quarter. Creative Planning purchased a new stake in shares of Grindr in the 2nd quarter worth about $310,000. Legal & General Group Plc grew its stake in Grindr by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 30,341 shares of the company’s stock valued at $689,000 after acquiring an additional 7,668 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in Grindr by 27.8% in the 2nd quarter. Rhumbline Advisers now owns 55,006 shares of the company’s stock valued at $1,249,000 after acquiring an additional 11,963 shares during the last quarter. 7.22% of the stock is currently owned by hedge funds and other institutional investors.
About Grindr
Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.
Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.
Featured Articles
- Five stocks we like better than Grindr
- Credo Technologies Accelerates AI—Its Stock Price Will Follow
- Qualcomm Goes All-In: The $10B Bet to Crush NVIDIA
- Jabil Just Gave Investors a Stronger Reason to Buy the Dip
- CarMax In Reverse? Why You Should Buy Now Before the Big Catalysts Emerge
Receive News & Ratings for Grindr Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Grindr and related companies with MarketBeat.com's FREE daily email newsletter.
