Grindr (NYSE:GRND) Director George Raymond Zage III Purchases 1,000,000 Shares of Stock

Grindr Inc. (NYSE:GRND) Director George Raymond Zage III bought 1,000,000 shares of Grindr stock in a transaction that occurred on Thursday, October 9th. The stock was purchased at an average cost of $13.15 per share, with a total value of $13,150,000.00. Following the completion of the acquisition, the director directly owned 7,733,283 shares in the company, valued at $101,692,671.45. This represents a 14.85% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Grindr Trading Down 3.9%

Shares of GRND opened at $12.73 on Wednesday. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.48 and a quick ratio of 2.48. Grindr Inc. has a 1 year low of $11.73 and a 1 year high of $25.13. The company has a 50 day simple moving average of $15.45 and a two-hundred day simple moving average of $19.27. The firm has a market cap of $2.44 billion, a P/E ratio of -28.93 and a beta of 0.23.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The company had revenue of $104.00 million for the quarter, compared to analysts’ expectations of $104.40 million. During the same period last year, the business earned ($0.13) earnings per share. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. On average, equities analysts expect that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Trading of Grindr

Several institutional investors and hedge funds have recently made changes to their positions in GRND. Rhumbline Advisers lifted its position in shares of Grindr by 3.0% during the first quarter. Rhumbline Advisers now owns 43,043 shares of the company’s stock worth $770,000 after purchasing an additional 1,272 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Grindr by 45.5% during the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock worth $38,000 after purchasing an additional 662 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Grindr during the first quarter worth $197,000. Allspring Global Investments Holdings LLC lifted its position in shares of Grindr by 5.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 97,716 shares of the company’s stock worth $1,808,000 after purchasing an additional 5,265 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Grindr by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 53,998 shares of the company’s stock worth $967,000 after purchasing an additional 1,111 shares during the last quarter. 7.22% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wall Street Zen raised shares of Grindr from a “hold” rating to a “buy” rating in a report on Saturday, October 4th. Raymond James Financial cut their target price on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Grindr in a report on Wednesday, October 8th. Citizens Jmp started coverage on shares of Grindr in a report on Monday, June 30th. They issued an “outperform” rating and a $27.00 target price for the company. Finally, JMP Securities cut their target price on shares of Grindr from $27.00 to $23.00 and set a “market outperform” rating for the company in a report on Monday, August 11th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

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.