Grindr Inc. (NYSE:GRND – Get Free Report)’s share price 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 changing hands.
Analysts Set New Price Targets
GRND has been the topic of several research reports. JMP Securities restated a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a report on Monday, December 16th. TD Cowen lifted their target price on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Raymond James reiterated an “outperform” rating and issued a $21.00 price target (up from $19.00) on shares of Grindr in a report on Friday. Finally, The Goldman Sachs Group started coverage on Grindr in a research note on Monday, December 16th. They set a “buy” rating and a $20.00 price objective on the stock.
Grindr Stock Up 7.8 %
Grindr (NYSE:GRND – Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) 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 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 period in the previous year, the company earned $0.06 earnings per share. On average, sell-side analysts anticipate that Grindr Inc. will post 0.28 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Grindr news, CFO Vandana Mehta-Krantz sold 60,776 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $14.29, for a total value of $868,489.04. Following the sale, the chief financial officer now owns 722,126 shares in the company, valued at approximately $10,319,180.54. This trade represents a 7.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Zachary Katz sold 3,058 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $16.40, for a total value of $50,151.20. Following the completion of the sale, the insider now owns 580,606 shares in the company, valued at approximately $9,521,938.40. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,399,000 shares of company stock valued at $36,303,532 over the last quarter. Insiders own 76.40% of the company’s stock.
Hedge Funds Weigh In On Grindr
Hedge funds have recently modified their holdings of the company. R Squared Ltd bought a new stake in Grindr during the fourth quarter worth approximately $101,000. SG Americas Securities LLC grew its holdings in shares of Grindr by 140.5% in the 4th quarter. SG Americas Securities LLC now owns 155,893 shares of the company’s stock worth $2,781,000 after acquiring an additional 91,077 shares during the last quarter. Graypoint LLC acquired a new stake in shares of Grindr during the fourth quarter worth $1,211,000. JPMorgan Chase & Co. lifted its holdings in shares of Grindr by 66.7% during the third quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company’s stock valued at $2,772,000 after purchasing an additional 93,005 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new position in shares of Grindr in the 3rd quarter valued at $365,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.
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.
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