Insider Selling: Grindr Inc. (NYSE:GRND) Director Sells 480,770 Shares of Stock

Grindr Inc. (NYSE:GRND) Director James Fu Bin Lu sold 480,770 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $23.78, for a total transaction of $11,432,710.60. Following the sale, the director now owns 27,610,198 shares in the company, valued at approximately $656,570,508.44. The trade was a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Grindr Trading Down 2.3%

Shares of GRND stock opened at $23.54 on Friday. Grindr Inc. has a 12-month low of $8.95 and a 12-month high of $24.80. The firm’s 50 day moving average is $19.49 and its 200 day moving average is $17.60. The stock has a market capitalization of $4.90 billion, a P/E ratio of -67.26 and a beta of 0.28.

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GRND. CWM LLC boosted its stake in shares of Grindr by 838.5% during the 1st quarter. CWM LLC now owns 1,924 shares of the company’s stock worth $34,000 after acquiring an additional 1,719 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock worth $38,000 after acquiring an additional 662 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Grindr by 31.9% during the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after acquiring an additional 642 shares during the last quarter. Quarry LP boosted its stake in shares of Grindr by 209.2% during the 4th quarter. Quarry LP now owns 3,423 shares of the company’s stock worth $61,000 after acquiring an additional 2,316 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Grindr by 511.9% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock worth $83,000 after acquiring an additional 3,880 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

About Grindr

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.