Grindr (NYSE:GRND) Releases Quarterly Earnings Results, Beats Expectations By $998.85 EPS

by · The Cerbat Gem

Grindr (NYSE:GRND – Get Free Report) announced its quarterly earnings data on Thursday. The company reported $999.00 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $998.85, Zacks reports. Grindr had a positive return on equity of 80.21% and a negative net margin of 11.99%.

Grindr Stock Up 4.9%

Shares of GRND stock traded up $0.55 on Thursday, hitting $11.73. The stock had a trading volume of 2,595,634 shares, compared to its average volume of 1,591,683. The company has a debt-to-equity ratio of 3.73, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -31.70 and a beta of 0.22. Grindr has a 12-month low of $9.73 and a 12-month high of $25.13. The business has a 50 day moving average of $12.04 and a 200 day moving average of $13.62.

Analyst Ratings Changes

GRND has been the subject of several research analyst reports. Citizens Jmp cut their price objective on Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a research report on Monday, November 10th. Morgan Stanley started coverage on shares of Grindr in a report on Tuesday. They set an “equal weight” rating and a $14.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Grindr in a report on Monday, December 29th. Finally, TD Cowen dropped their price objective on shares of Grindr from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.60.

Check Out Our Latest Research Report on Grindr

Insider Transactions at Grindr

In other news, major shareholder James Fu Bin Lu sold 475,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $10.01, for a total value of $4,754,750.00. Following the completion of the transaction, the insider directly owned 18,432,101 shares in the company, valued at approximately $184,505,331.01. This trade represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders bought 605,000 shares of company stock valued at $7,930,000 and sold 3,561,266 shares valued at $40,185,314. Corporate insiders own 67.70% of the company’s stock.

Institutional Investors Weigh In On Grindr

Several institutional investors and hedge funds have recently modified their holdings of GRND. Vanguard Group Inc. lifted its stake in Grindr by 0.4% in the third quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock worth $34,430,000 after purchasing an additional 9,952 shares during the last quarter. Quinn Opportunity Partners LLC purchased a new stake in shares of Grindr during the fourth quarter valued at $20,565,000. Jacobs Levy Equity Management Inc. grew its position in Grindr by 327.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,381,211 shares of the company’s stock worth $20,746,000 after purchasing an additional 1,058,084 shares during the period. Bank of America Corp DE grew its position in shares of Grindr by 93.5% during the 2nd quarter. Bank of America Corp DE now owns 1,259,449 shares of the company’s stock valued at $28,589,000 after acquiring an additional 608,554 shares during the period. Finally, Blacksheep Fund Management Ltd purchased a new position in Grindr during the fourth quarter valued at $16,804,000. Institutional investors own 7.22% of the company’s stock.

Grindr Company Profile

(Get Free Report)

Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.

Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.

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