J Michael Gearon, Jr. Sells 283,559 Shares of Grindr Inc. (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) Director J Michael Gearon, Jr. sold 283,559 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $24.13, for a total value of $6,842,278.67. Following the sale, the director now owns 6,336,168 shares of the company’s stock, valued at $152,891,733.84. The trade was a 4.28% 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 Down 2.3%

NYSE:GRND opened at $23.54 on Friday. The firm has a market cap of $4.90 billion, a PE ratio of -67.26 and a beta of 0.28. Grindr Inc. has a 12 month low of $8.95 and a 12 month high of $24.80. The company’s 50-day moving average price is $19.49 and its two-hundred day moving average price is $17.60.

Grindr (NYSE:GRND) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.09 EPS 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%. On average, research analysts expect that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Institutional Trading of Grindr

A number of hedge funds and other institutional investors have recently made changes to their positions in GRND. CWM LLC lifted its position in Grindr by 838.5% during the 1st quarter. CWM LLC now owns 1,924 shares of the company’s stock worth $34,000 after buying an additional 1,719 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Grindr by 45.5% during the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock worth $38,000 after purchasing an additional 662 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after purchasing an additional 642 shares in the last quarter. Quarry LP grew its stake in shares of Grindr by 209.2% during the fourth quarter. Quarry LP now owns 3,423 shares of the company’s stock valued at $61,000 after purchasing an additional 2,316 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Grindr by 511.9% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock valued at $83,000 after purchasing an additional 3,880 shares in the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GRND has been the topic of several recent research reports. JMP Securities reaffirmed a “market outperform” rating and set a $24.00 price objective on shares of Grindr in a research report on Monday, April 21st. The Goldman Sachs Group boosted their price objective on shares of Grindr from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Monday. Citigroup reiterated an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. Finally, Raymond James restated an “outperform” rating and set a $26.00 target price (up previously from $22.00) on shares of Grindr in a research report on Friday, May 9th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $23.25.

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.