Zachary Katz Sells 12,979 Shares of Grindr (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 12,979 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $17.89, for a total transaction of $232,194.31. Following the transaction, the insider owned 690,172 shares of the company’s stock, valued at approximately $12,347,177.08. This represents a 1.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, July 1st, Zachary Katz sold 12,800 shares of Grindr stock. The shares were sold at an average price of $16.28, for a total value of $208,384.00.
• On Monday, June 29th, Zachary Katz sold 12,799 shares of Grindr stock. The stock was sold at an average price of $14.65, for a total value of $187,505.35.
• On Wednesday, June 17th, Zachary Katz sold 10,172 shares of Grindr stock. The stock was sold at an average price of $13.29, for a total value of $135,185.88.

Grindr Price Performance

Shares of GRND stock opened at $17.20 on Friday. The stock’s fifty day simple moving average is $14.46 and its 200 day simple moving average is $13.01. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 35.84 and a beta of 0.20. Grindr Inc. has a one year low of $9.73 and a one year high of $18.69.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). Grindr had a net margin of 19.85% and a return on equity of 123.31%. The company had revenue of $138.14 million during the quarter, compared to the consensus estimate of $132.50 million. On average, analysts expect that Grindr Inc. will post 0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Grindr

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Grindr by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock valued at $517,000 after acquiring an additional 762 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Grindr by 8.0% during the second quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock valued at $332,000 after acquiring an additional 1,086 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Grindr by 69.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company’s stock worth $40,000 after purchasing an additional 1,227 shares during the period. Vident Advisory LLC lifted its holdings in shares of Grindr by 2.6% during the fourth quarter. Vident Advisory LLC now owns 50,616 shares of the company’s stock worth $685,000 after purchasing an additional 1,271 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Grindr by 1,473.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after purchasing an additional 1,385 shares during the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GRND shares. Morgan Stanley raised shares of Grindr from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $15.00 to $18.00 in a report on Wednesday, July 1st. TD Cowen reissued a “buy” rating on shares of Grindr in a report on Monday, June 1st. Wall Street Zen lowered shares of Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Raymond James Financial reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Grindr in a research note on Friday, May 8th. Finally, Weiss Ratings raised shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Grindr currently has an average rating of “Moderate Buy” and a consensus target price of $19.20.

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.