Grindr (NYSE:GRND) Insider Zachary Katz Sells 12,800 Shares of Stock

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 12,800 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total value of $208,384.00. Following the sale, the insider owned 713,323 shares in the company, valued at approximately $11,612,898.44. This represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Monday, June 29th, Zachary Katz sold 12,799 shares of Grindr stock. The stock was sold at an average price of $14.65, for a total transaction of $187,505.35.
• 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 Price Performance

Shares of NYSE:GRND opened at $16.09 on Friday. The company has a 50 day moving average of $13.16 and a 200 day moving average of $12.52. The stock has a market cap of $2.86 billion, a P/E ratio of 33.51 and a beta of 0.22. Grindr Inc. has a 12 month low of $9.73 and a 12 month high of $22.73. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 442.30.

Grindr (NYSE:GRND) last posted its 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 business had revenue of $129.94 million for the quarter, compared to analysts’ expectations of $119.42 million. As a group, sell-side analysts forecast that Grindr Inc. will post 0.58 EPS for the current fiscal year.

Institutional Trading of Grindr

A number of hedge funds have recently made changes to their positions in GRND. Caitong International Asset Management Co. Ltd purchased a new position in Grindr in the third quarter worth $26,000. EverSource Wealth Advisors LLC raised its position in Grindr by 1,473.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after purchasing an additional 1,385 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Grindr during the second quarter valued at about $39,000. CWM LLC lifted its stake in Grindr by 713.8% during the fourth quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $40,000 after purchasing an additional 2,584 shares during the last quarter. Finally, Rockefeller Capital Management L.P. bought a new stake in Grindr during the fourth quarter worth about $45,000. 7.22% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GRND. Weiss Ratings raised Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Raymond James Financial restated an “outperform” rating and issued a $18.00 target price on shares of Grindr in a research note on Friday, May 8th. Morgan Stanley raised Grindr from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $15.00 to $18.00 in a report on Wednesday. TD Cowen reiterated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Finally, Wall Street Zen raised Grindr to a “hold” rating in a report on Saturday, June 27th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.20.

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.