J Michael Gearon, Jr. Sells 500,000 Shares of Grindr Inc. (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) Director J Michael Gearon, Jr. sold 500,000 shares of Grindr stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $23.71, for a total transaction of $11,855,000.00. Following the sale, the director now owns 6,619,727 shares of the company’s stock, valued at approximately $156,953,727.17. This represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Grindr Trading Down 0.1%

Shares of NYSE GRND opened at $23.49 on Friday. The stock has a market cap of $4.89 billion, a P/E ratio of -67.12 and a beta of 0.28. The business’s fifty day simple moving average is $19.64 and its 200-day simple moving average is $17.67. Grindr Inc. has a 12-month low of $8.95 and a 12-month high of $24.80.

Grindr (NYSE:GRND) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, hitting the consensus estimate of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. On average, equities analysts forecast that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on GRND shares. Citigroup restated an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. JMP Securities restated a “market outperform” rating and set a $24.00 price target on shares of Grindr in a research note on Monday, April 21st. The Goldman Sachs Group raised their price target on Grindr from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Finally, Raymond James reiterated an “outperform” rating and issued a $26.00 price objective (up previously from $22.00) on shares of Grindr in a report on Friday, May 9th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $23.25.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GRND. JPMorgan Chase & Co. lifted its position in shares of Grindr by 66.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company’s stock worth $2,772,000 after purchasing an additional 93,005 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Grindr by 11.7% during the 4th quarter. First Trust Advisors LP now owns 95,481 shares of the company’s stock worth $1,703,000 after acquiring an additional 9,968 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Grindr by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company’s stock valued at $944,000 after acquiring an additional 623 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Grindr by 140.5% during the 4th quarter. SG Americas Securities LLC now owns 155,893 shares of the company’s stock worth $2,781,000 after acquiring an additional 91,077 shares in the last quarter. Finally, Barclays PLC lifted its stake in Grindr by 106.8% during the third quarter. Barclays PLC now owns 72,580 shares of the company’s stock worth $865,000 after purchasing an additional 37,477 shares during the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.

Grindr Company Profile

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.