J Michael Gearon, Jr. Sells 107,002 Shares of Grindr Inc. (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) Director J Michael Gearon, Jr. sold 107,002 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $23.50, for a total value of $2,514,547.00. Following the completion of the sale, the director now owns 5,977,570 shares of the company’s stock, valued at approximately $140,472,895. This represents a 1.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Grindr Trading Up 0.2%

NYSE:GRND opened at $24.37 on Thursday. The firm has a market cap of $4.77 billion, a P/E ratio of -69.62 and a beta of 0.28. The stock’s 50 day simple moving average is $20.09 and its 200-day simple moving average is $17.89. Grindr Inc. has a 12-month low of $8.95 and a 12-month high of $24.80.

Grindr (NYSE:GRND) last announced its quarterly earnings data 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 return on equity of 177.83% and a negative net margin of 16.27%. Research analysts forecast that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GRND. Nuveen LLC acquired a new position in Grindr during the first quarter worth $20,049,000. Adage Capital Partners GP L.L.C. acquired a new position in Grindr during the first quarter worth $14,320,000. Bwcp LP acquired a new position in Grindr during the fourth quarter worth $12,088,000. Sellaronda Global Management LP acquired a new position in Grindr during the fourth quarter worth $10,704,000. Finally, Marshall Wace LLP grew its holdings in Grindr by 85.2% during the fourth quarter. Marshall Wace LLP now owns 1,117,053 shares of the company’s stock worth $19,928,000 after acquiring an additional 513,770 shares during the period. Institutional investors and hedge funds own 7.22% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on GRND. Citigroup reissued an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. JMP Securities reissued a “market outperform” rating and issued a $24.00 target price on shares of Grindr in a report on Monday, April 21st. Raymond James reissued an “outperform” rating and issued a $26.00 target price (up previously from $22.00) on shares of Grindr in a report on Friday, May 9th. Finally, The Goldman Sachs Group boosted their target price on Grindr from $20.00 to $26.00 and gave the company a “buy” rating in a report on Monday, May 12th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $23.25.

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.