Grindr (NYSE:GRND) Insider Zachary Katz Sells 10,172 Shares

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

Grindr Stock Performance

Shares of Grindr stock opened at $13.19 on Tuesday. 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 firm has a market cap of $2.34 billion, a price-to-earnings ratio of 27.48 and a beta of 0.24. The stock’s 50-day moving average is $12.92 and its 200-day moving average is $12.47. Grindr Inc. has a one year low of $9.73 and a one year high of $22.99.

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

Institutional Trading of Grindr

Hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Grindr by 2.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock worth $517,000 after acquiring an additional 762 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Grindr by 8.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock valued at $332,000 after purchasing an additional 1,086 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Grindr by 69.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company’s stock worth $40,000 after purchasing an additional 1,227 shares during the period. Vident Advisory LLC boosted its position in Grindr by 2.6% during the fourth quarter. Vident Advisory LLC now owns 50,616 shares of the company’s stock worth $685,000 after purchasing an additional 1,271 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Grindr by 1,473.4% in 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 during the last quarter. 7.22% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on GRND. Morgan Stanley began coverage on shares of Grindr in a research report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price objective on the stock. The Goldman Sachs Group lowered their price target on shares of Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Raymond James Financial reissued an “outperform” rating and set a $18.00 price target on shares of Grindr in a research report on Friday, May 8th. TD Cowen restated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Finally, Weiss Ratings upgraded Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Grindr has an average rating of “Moderate Buy” and a consensus price target of $18.40.

About Grindr

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.