Grindr (NYSE:GRND) Shares Up 3.4% – Still a Buy?

Grindr Inc. (NYSE:GRND)’s stock price rose 3.4% on Tuesday . The stock traded as high as $13.22 and last traded at $13.15. Approximately 137,981 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 519,360 shares. The stock had previously closed at $12.72.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. JMP Securities reissued a “market outperform” rating and set a $17.00 target price on shares of Grindr in a research note on Monday, July 15th. Raymond James raised their target price on Grindr from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, June 27th. Finally, TD Cowen boosted their price target on Grindr from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th.

Grindr Stock Performance

The business’s 50 day moving average price is $12.19 and its two-hundred day moving average price is $11.12. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -29.89 and a beta of 0.35.

Grindr (NYSE:GRND) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. Grindr had a negative return on equity of 234.28% and a negative net margin of 25.67%. The firm had revenue of $82.35 million during the quarter, compared to analyst estimates of $77.40 million. On average, sell-side analysts expect that Grindr Inc. will post 0.25 earnings per share for the current year.

Insider Buying and Selling

In other Grindr news, CAO Kye Chen sold 4,964 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $11.81, for a total value of $58,624.84. Following the completion of the sale, the chief accounting officer now directly owns 130,598 shares of the company’s stock, valued at approximately $1,542,362.38. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 27,115 shares of company stock valued at $318,994 over the last three months. Company insiders own 76.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. nVerses Capital LLC acquired a new position in shares of Grindr in the 3rd quarter worth $27,000. Point72 DIFC Ltd acquired a new position in shares of Grindr in the 2nd quarter valued at $136,000. Price T Rowe Associates Inc. MD increased its stake in Grindr by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after purchasing an additional 1,667 shares in the last quarter. Quest Partners LLC raised its holdings in Grindr by 9,055.0% during the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after buying an additional 12,677 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Grindr during the second quarter valued at about $189,000. Institutional investors 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.