Insider Selling: Grindr (NYSE:GRND) Insider Sells 12,799 Shares of Stock

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 12,799 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $14.65, for a total value of $187,505.35. Following the sale, the insider owned 726,123 shares in the company, valued at approximately $10,637,701.95. This represents a 1.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $135,185.88.

Grindr Stock Down 0.6%

Shares of NYSE:GRND traded down $0.09 during midday trading on Tuesday, hitting $14.35. The stock had a trading volume of 903,372 shares, compared to its average volume of 1,537,547. The company has a market cap of $2.55 billion, a P/E ratio of 29.90 and a beta of 0.24. Grindr Inc. has a 12 month low of $9.73 and a 12 month high of $22.73. The business’s 50-day simple moving average is $13.03 and its 200-day simple moving average is $12.48. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 442.30.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Raymond James Financial reiterated an “outperform” rating and set a $18.00 price target on shares of Grindr in a report on Friday, May 8th. The Goldman Sachs Group cut their price objective on 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 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 company. According to MarketBeat, Grindr has an average rating of “Moderate Buy” and a consensus target price of $18.40.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd bought a new position in Grindr in the 3rd quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Grindr by 1,473.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after acquiring an additional 1,385 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Grindr in the second quarter valued at approximately $39,000. CWM LLC grew its position in shares of Grindr by 713.8% in the fourth quarter. CWM LLC now owns 2,946 shares of the company’s stock valued at $40,000 after purchasing an additional 2,584 shares during the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Grindr in the fourth quarter valued at approximately $45,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.