Grindr (NYSE:GRND) Stock Price Expected to Rise, TD Cowen Analyst Says

Grindr (NYSE:GRND) had its price target increased by equities research analysts at TD Cowen from $14.00 to $17.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 18.63% from the stock’s current price.

Separately, JMP Securities reiterated a “market outperform” rating and set a $17.00 price target on shares of Grindr in a research report on Monday, July 15th.

Grindr Stock Up 2.9 %

NYSE:GRND traded up $0.40 during trading hours on Wednesday, reaching $14.33. 399,057 shares of the stock were exchanged, compared to its average volume of 517,037. The firm has a 50 day simple moving average of $12.43 and a 200-day simple moving average of $11.33. Grindr has a 52 week low of $5.71 and a 52 week high of $14.33. The stock has a market capitalization of $2.52 billion, a P/E ratio of -32.57 and a beta of 0.33.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. The business had revenue of $82.35 million for the quarter, compared to analysts’ expectations of $77.40 million. Grindr had a negative return on equity of 234.28% and a negative net margin of 25.67%. As a group, analysts expect that Grindr will post 0.25 earnings per share for the current year.

Insider Transactions at Grindr

In other news, CAO Kye Chen sold 16,187 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $11.68, for a total value of $189,064.16. Following the completion of the sale, the chief accounting officer now owns 138,604 shares of the company’s stock, valued at $1,618,894.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 27,115 shares of company stock valued at $318,994 over the last quarter. Company insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Several institutional investors have recently bought and sold shares of GRND. nVerses Capital LLC acquired a new stake in Grindr during the third quarter worth about $27,000. Point72 DIFC Ltd acquired a new position in shares of Grindr in the 2nd quarter worth approximately $136,000. Price T Rowe Associates Inc. MD raised its position 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 during the last quarter. Quest Partners LLC lifted 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 in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Grindr in the 2nd quarter valued at $189,000. 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.