TD Cowen analyst John Blackledge maintained a Buy rating on Grindr today and set a price target of $26.00.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
John Blackledge has given his Buy rating due to a combination of factors surrounding Grindr’s current market situation and potential future growth. The decision by Grindr’s special committee to reject the proposal to take the company private at $18 per share reflects confidence in the company’s valuation, as the proposed price was below both the peak price in June and the average share buyback price earlier in the year. This indicates that the market may undervalue Grindr’s shares, presenting a potential buying opportunity.
Additionally, the potential for an amended acquisition proposal or new financing from major shareholders, who hold a significant portion of the company’s shares, suggests that there is strong investor interest and confidence in Grindr’s long-term prospects. The willingness of shareholder Raymond Zage to contribute additional equity further underscores this confidence. Despite the recent sale of shares by James Lu, the overall commitment from major stakeholders and the strategic rejection of the low acquisition offer suggest a favorable outlook for Grindr’s stock, supporting the Buy rating.
In another report released on November 10, Citizens JMP also maintained a Buy rating on the stock with a $21.00 price target.
Based on the recent corporate insider activity of 116 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GRND in relation to earlier this year.