Insider Buying: Grindr (NYSE:GRND) Director Acquires 150,000 Shares of Stock

Grindr Inc. (NYSE:GRND) Director George Raymond Zage III purchased 150,000 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was acquired at an average cost of $12.88 per share, for a total transaction of $1,932,000.00. Following the completion of the purchase, the director owned 7,883,283 shares in the company, valued at $101,536,685.04. The trade was a 1.94% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

George Raymond Zage III also recently made the following trade(s):

• On Monday, December 1st, George Raymond Zage III acquired 150,000 shares of Grindr stock. The shares were bought at an average cost of $12.91 per share, with a total value of $1,936,500.00.
• On Thursday, October 9th, George Raymond Zage III bought 1,000,000 shares of Grindr stock. The stock was bought at an average cost of $13.15 per share, for a total transaction of $13,150,000.00.

Grindr Trading Up 0.9%

Grindr stock traded up $0.11 during trading on Tuesday, reaching $12.96. The company had a trading volume of 970,837 shares, compared to its average volume of 1,900,511. Grindr Inc. has a 12-month low of $11.73 and a 12-month high of $25.13. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50 day moving average price is $13.86 and its two-hundred day moving average price is $17.64. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of 30.59 and a beta of 0.23.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. Grindr had a negative net margin of 11.99% and a positive return on equity of 80.21%. The company had revenue of $115.77 million for the quarter, compared to the consensus estimate of $113.53 million. During the same quarter last year, the firm posted $0.09 earnings per share. Grindr’s revenue was up 29.6% on a year-over-year basis. As a group, equities analysts expect that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Citizens Jmp lowered their price target on Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a research report on Monday, November 10th. JMP Securities reduced their price objective on Grindr from $27.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, August 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Grindr in a report on Monday. Raymond James Financial cut their price target on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Finally, Wall Street Zen cut shares of Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Institutional Trading of Grindr

A number of hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted 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 valued at $34,000 after purchasing an additional 1,385 shares during the period. Raymond James Financial Inc. purchased a new stake in Grindr during the 2nd quarter worth $39,000. Caitong International Asset Management Co. Ltd acquired a new position in Grindr in the 3rd quarter worth $26,000. CWM LLC lifted its holdings in Grindr by 838.5% in the 1st quarter. CWM LLC now owns 1,924 shares of the company’s stock worth $34,000 after buying an additional 1,719 shares in the last quarter. Finally, Huntington National Bank purchased a new position in Grindr in the 2nd quarter valued at about $64,000. Hedge funds and other institutional investors 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.