In a report released today, John Blackledge from TD Cowen maintained a Buy rating on Grindr (GRND – Research Report), with a price target of $20.00.
John Blackledge has given his Buy rating due to a combination of factors, including an optimistic outlook on Grindr’s financial growth and strategic developments. The company has shown promising signs of exceeding its previous revenue growth targets for 2024, prompting an increase in both revenue and EBITDA estimates for the fourth quarter. This growth is expected to be sustained into 2025, driven by an expanding product portfolio and an increase in user engagement and payer conversion rates.
Furthermore, Grindr is actively redeeming its outstanding warrants, which is anticipated to result in a beneficial mix of increased float and cash inflow. The company’s advertising revenue is also projected to grow significantly, contributing to the overall business expansion. With these positive indicators, Blackledge has raised the price target for Grindr’s stock to $20, reinforcing his Buy rating.
Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is neutral on the stock.