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 business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $13.29, for a total value of $135,185.88. Following the sale, the insider owned 738,922 shares of the company’s stock, valued at approximately $9,820,273.38. This represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Grindr Stock Performance

Shares of NYSE:GRND traded down $0.16 during trading on Monday, hitting $13.19. The company’s stock had a trading volume of 1,448,572 shares, compared to its average volume of 1,536,326. 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 company has a 50-day moving average of $12.90 and a 200-day moving average of $12.47. Grindr Inc. has a 12 month low of $9.73 and a 12 month high of $22.99.

Grindr (NYSE:GRND) last announced its earnings results on Thursday, May 7th. The company reported $0.14 earnings per share (EPS) for the quarter, beating 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 company had revenue of $129.94 million during the quarter, compared to analyst estimates of $119.42 million. On average, sell-side analysts expect that Grindr Inc. will post 0.58 earnings per share for the current year.

Institutional Investors Weigh In On Grindr

Institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its stake 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 acquiring an additional 1,385 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Grindr in the 2nd quarter worth $39,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Grindr during the 3rd quarter valued at about $26,000. CWM LLC boosted its holdings in shares of Grindr by 713.8% during the 4th quarter. CWM LLC now owns 2,946 shares of the company’s stock valued at $40,000 after purchasing an additional 2,584 shares during the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of Grindr during the fourth quarter valued at about $45,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Raymond James Financial reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Grindr in a report on Friday, May 8th. Weiss Ratings upgraded Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Morgan Stanley initiated coverage on Grindr in a research note 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 objective on Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Finally, TD Cowen reissued a “buy” rating on shares of Grindr in a report on Monday, June 1st. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.