Insider Selling: Grindr (NYSE:GRND) Insider Sells $135,185.88 in Stock

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 10,172 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $13.29, for a total transaction of $135,185.88. Following the completion of the sale, the insider directly owned 738,922 shares of the company’s stock, valued at approximately $9,820,273.38. This represents a 1.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Grindr Stock Performance

GRND stock opened at $13.16 on Thursday. The company has a 50 day moving average price of $12.95 and a 200 day moving average price of $12.47. Grindr Inc. has a fifty-two week low of $9.73 and a fifty-two week high of $22.99. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market capitalization of $2.34 billion, a PE ratio of 27.41 and a beta of 0.24.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $129.94 million for the quarter, compared to analyst estimates of $119.42 million. Grindr had a return on equity of 123.31% and a net margin of 19.85%. Analysts forecast that Grindr Inc. will post 0.58 EPS for the current year.

Institutional Trading of Grindr

A number of hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its stake in Grindr by 1,473.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after purchasing an additional 1,385 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Grindr during the second quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Grindr in the third quarter valued at approximately $26,000. CWM LLC boosted its stake 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 buying an additional 2,584 shares during the period. Finally, Rockefeller Capital Management L.P. acquired a new stake in Grindr during the fourth quarter worth approximately $45,000. 7.22% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GRND shares. TD Cowen reiterated a “buy” rating on shares of Grindr in a report on Monday, June 1st. The Goldman Sachs Group dropped their price objective on Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Grindr in a research note on Friday, May 8th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.40.

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.