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

Grindr Inc. (NYSE:GRND) shares 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.

Analysts Set New Price Targets

Several analysts recently commented on the stock. JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Grindr in a research report on Monday, December 16th. The Goldman Sachs Group initiated coverage on Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 target price on the stock. Raymond James increased their price target on Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, TD Cowen upped their price objective 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.

Grindr Price Performance

The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of -51.40 and a beta of 0.31. The stock has a 50 day moving average price of $16.41 and a 200-day moving average price of $13.75.

Grindr (NYSE:GRND) last released its earnings results on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The business had revenue of $89.33 million during the quarter, compared to analysts’ expectations of $88.50 million. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. During the same period last year, the business earned $0.06 earnings per share. As a group, research analysts forecast that Grindr Inc. will post 0.28 earnings per share for the current year.

Insider Buying and Selling at Grindr

In related news, insider Zachary Katz sold 3,058 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total value of $43,729.40. Following the sale, the insider now directly owns 586,722 shares in the company, valued at approximately $8,390,124.60. The trade was a 0.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Nathan Richardson sold 5,234 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $15.00, for a total transaction of $78,510.00. Following the completion of the transaction, the director now directly owns 27,408 shares in the company, valued at $411,120. The trade was a 16.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,399,000 shares of company stock worth $36,303,532 in the last three months. 76.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Grindr

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC boosted its position in shares of Grindr by 9.5% during the 2nd quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock worth $286,000 after purchasing an additional 2,050 shares during the period. XTX Topco Ltd purchased a new position in shares of Grindr during the second quarter worth $371,000. Sei Investments Co. purchased a new position in shares of Grindr during the second quarter worth $483,000. Marshall Wace LLP grew its stake in shares of Grindr by 124.0% in the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after buying an additional 347,626 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Grindr in the 2nd quarter valued at $136,000. 7.22% of the stock is owned by hedge funds and other 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.