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Grindr Inc. (NYSE:GRND) shares are trading higher Wednesday after the company raised its full-year revenue guidance ahead of its first investor day.
The Details:
Grindr increased its revenue guidance for 2024 from revenue growth of at least 23% to at least 25% and reiterated its adjusted EBITDA guidance for 2024 of at least 40%. Grindr also said it expects to deliver 20-25% revenue growth annually through 2027, with adjusted EBITDA margins in the range of 39-42%.
“Our 2024 revenue guidance increase combined with the longer-term financial targets we are announcing today demonstrate our confidence in Grindr’s continued strong revenue growth and Adjusted EBITDA profitability even as we invest prudently in our product roadmap and new use cases. We believe our plans set up Grindr for significant profitable growth, cash generation and value creation,” said Vanna Krantz, CFO of Grindr.
According to data from Benzinga Pro, Grindr shares are trading above the stock’s 50-day moving average of $9.74 and 13.42% of available shares are being sold short.
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Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of Grindr have gained 106.3% year to date. This compares to the average annual return of 0.69%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Grindr stock currently has an RSI of 76.01, indicating overbought conditions.
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GRND Price Action: According to Benzinga Pro, Grindr shares are up 12.2% at $11.50 at the time of publication Wednesday.
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Posted In: GRND
