Insider Selling: Grindr (NYSE:GRND) Director Sells $3,582,000.00 in Stock

Grindr Inc. (NYSE:GRND) Director James Fu Bin Lu sold 300,000 shares of the firm’s stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $11.94, for a total value of $3,582,000.00. Following the transaction, the director owned 25,288,867 shares of the company’s stock, valued at approximately $301,949,071.98. The trade was a 1.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

James Fu Bin Lu also recently made the following trade(s):

• On Wednesday, October 15th, James Fu Bin Lu sold 400,000 shares of Grindr stock. The stock was sold at an average price of $12.96, for a total value of $5,184,000.00.
• On Monday, October 13th, James Fu Bin Lu sold 350,000 shares of Grindr stock. The shares were sold at an average price of $12.95, for a total value of $4,532,500.00.
• On Thursday, October 9th, James Fu Bin Lu sold 1,000,000 shares of Grindr stock. The shares were sold at an average price of $13.15, for a total value of $13,150,000.00.

Grindr Stock Performance

NYSE:GRND opened at $12.97 on Friday. 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 stock’s 50 day simple moving average is $15.17 and its two-hundred day simple moving average is $19.15. The company has a market cap of $2.49 billion, a price-to-earnings ratio of -29.48 and a beta of 0.23.

Grindr (NYSE:GRND) last posted its earnings results on Thursday, August 7th. The company reported $0.08 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 firm had revenue of $104.00 million for the quarter, compared to the consensus estimate of $104.40 million. During the same quarter in the prior year, the company posted ($0.13) earnings per share. The firm’s revenue was up 26.6% compared to the same quarter last year. As a group, equities analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. CWM LLC grew its stake in shares of Grindr by 838.5% during the first quarter. CWM LLC now owns 1,924 shares of the company’s stock valued at $34,000 after buying an additional 1,719 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after acquiring an additional 1,385 shares during the period. GAMMA Investing LLC boosted its holdings in Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock valued at $38,000 after acquiring an additional 662 shares during the period. Raymond James Financial Inc. bought a new position in Grindr in the 2nd quarter valued at $39,000. Finally, Huntington National Bank purchased a new stake in Grindr in the second quarter worth $64,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Analyst Upgrades and Downgrades

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