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

JMP Securities restated their market outperform rating on shares of Grindr (NYSE:GRND) in a research note published on Monday,Benzinga reports. They currently have a $21.00 price objective on the stock.

Several other equities analysts also recently weighed in on the company. Raymond James raised their price target on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, November 8th. The Goldman Sachs Group initiated coverage on shares of Grindr in a research note on Monday. They set a “buy” rating and a $20.00 price objective for the company. Finally, TD Cowen upped their target price on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Grindr Stock Performance

GRND stock opened at $16.64 on Monday. The firm has a 50 day moving average price of $14.43 and a 200-day moving average price of $12.50. Grindr has a 52-week low of $7.85 and a 52-week high of $17.39. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -47.54 and a beta of 0.37.

Insiders Place Their Bets

In other Grindr news, CAO Kye Chen sold 4,964 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $11.81, for a total transaction of $58,624.84. Following the completion of the sale, the chief accounting officer now directly owns 130,598 shares in the company, valued at approximately $1,542,362.38. The trade was a 3.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total value of $43,729.40. Following the transaction, the insider now directly owns 586,722 shares in the company, valued at $8,390,124.60. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,405,870 shares of company stock valued at $36,366,731. 76.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Grindr

Several institutional investors have recently made changes to their positions in GRND. Lord Abbett & CO. LLC purchased a new stake in Grindr during the third quarter valued at approximately $7,720,000. Marshall Wace LLP grew its position in shares of Grindr by 124.0% during the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after acquiring an additional 347,626 shares during the period. Skye Global Management LP increased its stake in shares of Grindr by 23.3% in the 3rd quarter. Skye Global Management LP now owns 592,000 shares of the company’s stock worth $7,063,000 after purchasing an additional 112,000 shares in the last quarter. Geode Capital Management LLC raised its holdings in Grindr by 7.5% in the 3rd quarter. Geode Capital Management LLC now owns 514,520 shares of the company’s stock worth $6,139,000 after purchasing an additional 36,001 shares during the period. Finally, Federated Hermes Inc. bought a new position in Grindr in the 2nd quarter worth $3,640,000. 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.