Grindr (NYSE:GRND) Insider Sells $187,505.35 in Stock

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 12,799 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $14.65, for a total value of $187,505.35. Following the completion of the sale, the insider owned 726,123 shares of the company’s stock, valued at $10,637,701.95. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Zachary Katz also recently made the following trade(s):

• On Wednesday, June 17th, Zachary Katz sold 10,172 shares of Grindr stock. The shares were sold at an average price of $13.29, for a total value of $135,185.88.

Grindr Stock Performance

GRND stock traded down $0.09 during trading hours on Tuesday, hitting $14.35. 903,372 shares of the stock were exchanged, compared to its average volume of 1,537,547. Grindr Inc. has a 12 month low of $9.73 and a 12 month high of $22.73. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 442.30. The firm has a market capitalization of $2.55 billion, a P/E ratio of 29.90 and a beta of 0.24. The company has a 50-day simple moving average of $13.03 and a two-hundred day simple moving average of $12.48.

Grindr (NYSE:GRND) last announced its earnings results on Thursday, May 7th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The company had revenue of $129.94 million during the quarter, compared to analysts’ expectations of $119.42 million. On average, analysts forecast that Grindr Inc. will post 0.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GRND. Vanguard Group Inc. lifted its stake in Grindr by 0.4% during the third quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock worth $34,430,000 after purchasing an additional 9,952 shares during the last quarter. Norges Bank bought a new position in shares of Grindr in the 4th quarter valued at $27,441,000. Quinn Opportunity Partners LLC acquired a new position in shares of Grindr during the 4th quarter worth $20,565,000. Dimensional Fund Advisors LP raised its holdings in shares of Grindr by 77.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock worth $16,881,000 after buying an additional 610,111 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Grindr by 327.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,381,211 shares of the company’s stock worth $20,746,000 after buying an additional 1,058,084 shares during the last quarter. 7.22% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on GRND shares. Raymond James Financial reissued an “outperform” rating and issued a $18.00 price objective on shares of Grindr in a report on Friday, May 8th. The Goldman Sachs Group dropped their price target on shares of Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Weiss Ratings upgraded Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wall Street Zen raised Grindr to a “hold” rating in a research report on Saturday. Finally, TD Cowen restated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.40.

Grindr Company Profile

Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.

Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.