Grindr (GRND) has grabbed the attention of Wall Street as Citizens JMP Securities initiated coverage of the stock, giving it a Market Outperform rating with a price target of $14 per share. Grindr CEO George Arison spoke to Yahoo Finance in March about his plans to expand the business beyond dating for potential growth.
Citizens JMP Equity Research Analyst Nick Jones joins Market Domination to discuss Grindr’s potential and what it could look like moving forward.
Jones affirms Grindr’s potential: "Their profit margins are industry-leading. They’re under-monetizing their user base. If you think about monthly active users on a dating app, often about 15% of those are converted into paying users. For Grindr, they’re only at 7% today, so they could double that just at the current user base, let alone their ability to continue to grow their user base in the US and internationally. So we think there’s plenty of levers for them to pull, to continue driving revenue growth and being quite profitable."
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