James Fu Bin Lu Sells 480,770 Shares of Grindr Inc. (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) Director James Fu Bin Lu sold 480,770 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $23.78, for a total transaction of $11,432,710.60. Following the completion of the transaction, the director now owns 27,610,198 shares of the company’s stock, valued at $656,570,508.44. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Grindr Stock Performance

Shares of NYSE:GRND opened at $24.05 on Thursday. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of -68.71 and a beta of 0.28. Grindr Inc. has a 1-year low of $8.95 and a 1-year high of $24.80. The company’s fifty day moving average is $19.33 and its two-hundred day moving average is $17.53.

Grindr (NYSE:GRND) last issued its earnings results on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.09. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. Sell-side analysts expect that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on GRND shares. Citigroup reaffirmed an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. Raymond James reaffirmed an “outperform” rating and issued a $26.00 price target (up from $22.00) on shares of Grindr in a report on Friday, May 9th. The Goldman Sachs Group increased their target price on shares of Grindr from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Monday. Finally, JMP Securities reissued a “market outperform” rating and set a $24.00 target price on shares of Grindr in a report on Monday, April 21st. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $23.25.

Institutional Trading of Grindr

A number of large investors have recently modified their holdings of the company. Emmett Investment Management LP increased its holdings in shares of Grindr by 11.1% in the 1st quarter. Emmett Investment Management LP now owns 182,085 shares of the company’s stock worth $3,369,000 after acquiring an additional 18,200 shares during the period. EntryPoint Capital LLC acquired a new stake in shares of Grindr in the 1st quarter worth about $405,000. Hsbc Holdings PLC increased its holdings in shares of Grindr by 132.6% in the 1st quarter. Hsbc Holdings PLC now owns 147,992 shares of the company’s stock worth $2,664,000 after acquiring an additional 84,355 shares during the period. Quantbot Technologies LP grew its position in Grindr by 79.1% in the 1st quarter. Quantbot Technologies LP now owns 206,882 shares of the company’s stock valued at $3,703,000 after buying an additional 91,393 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its position in Grindr by 7.7% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,049,011 shares of the company’s stock valued at $18,777,000 after buying an additional 74,703 shares in the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.

Grindr Company Profile

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.