JMP Securities Reiterates “Market Outperform” Rating for Grindr (NYSE:GRND)

Grindr (NYSE:GRND)‘s stock had its “market outperform” rating reaffirmed by equities research analysts at JMP Securities in a research note issued to investors on Thursday,Benzinga reports. They presently have a $21.00 price target on the stock. JMP Securities’ target price indicates a potential upside of 16.02% from the company’s previous close.

Several other analysts also recently commented on the stock. TD Cowen boosted their target price on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group began coverage on shares of Grindr in a report on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Raymond James reaffirmed an “outperform” rating and issued a $21.00 price target (up previously from $19.00) on shares of Grindr in a research report on Friday, January 24th.

Grindr Trading Up 0.1 %

Shares of NYSE:GRND opened at $18.10 on Thursday. The business has a fifty day simple moving average of $17.09 and a 200 day simple moving average of $14.20. Grindr has a 1 year low of $7.93 and a 1 year high of $18.42. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -51.71 and a beta of 0.30.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). The firm had revenue of $89.33 million for the quarter, compared to analyst estimates of $88.50 million. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. During the same quarter in the prior year, the firm earned $0.06 earnings per share. On average, sell-side analysts forecast that Grindr will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, insider Zachary Katz sold 3,058 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was 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. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Fu Bin Lu sold 195,600 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total transaction of $2,814,684.00. Following the transaction, the director now directly owns 34,977,181 shares in the company, valued at $503,321,634.59. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,393,766 shares of company stock valued at $36,225,022 in the last quarter. Insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. bought a new stake in shares of Grindr during the second quarter valued at approximately $483,000. SG Americas Securities LLC increased its holdings in Grindr by 10.5% in the 3rd quarter. SG Americas Securities LLC now owns 64,816 shares of the company’s stock valued at $773,000 after buying an additional 6,168 shares during the period. nVerses Capital LLC acquired a new position in shares of Grindr in the 3rd quarter valued at $27,000. Bleakley Financial Group LLC lifted its holdings in shares of Grindr by 9.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 27,188 shares of the company’s stock worth $324,000 after acquiring an additional 2,371 shares during the period. Finally, Principal Financial Group Inc. acquired a new stake in shares of Grindr during the 3rd quarter valued at about $365,000. 7.22% of the stock is currently owned by institutional investors.

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.