Insider Selling: Grindr Inc. (NYSE:GRND) Director Sells 249,700 Shares of Stock

Grindr Inc. (NYSE:GRND) Director J Michael Gearon, Jr. sold 249,700 shares of Grindr stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $24.44, for a total value of $6,102,668.00. Following the transaction, the director now owns 6,090,959 shares of the company’s stock, valued at $148,863,037.96. The trade was a 3.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Grindr Price Performance

GRND stock opened at $23.25 on Friday. Grindr Inc. has a 1-year low of $8.95 and a 1-year high of $25.13. The business has a fifty day moving average price of $21.49 and a 200-day moving average price of $18.61. The stock has a market capitalization of $4.55 billion, a P/E ratio of -66.41 and a beta of 0.31.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, hitting the consensus estimate of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. As a group, analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current year.

Institutional Trading of Grindr

A number of hedge funds have recently bought and sold shares of GRND. Bleakley Financial Group LLC increased its position in Grindr by 5.6% during the fourth quarter. Bleakley Financial Group LLC now owns 28,712 shares of the company’s stock valued at $512,000 after acquiring an additional 1,524 shares during the last quarter. Savant Capital LLC increased its position in Grindr by 9.6% during the fourth quarter. Savant Capital LLC now owns 19,325 shares of the company’s stock valued at $345,000 after acquiring an additional 1,689 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Grindr during the fourth quarter valued at about $1,649,000. Principal Financial Group Inc. grew its holdings in Grindr by 10.9% during the fourth quarter. Principal Financial Group Inc. now owns 33,919 shares of the company’s stock valued at $605,000 after purchasing an additional 3,341 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in Grindr during the fourth quarter valued at about $201,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on GRND shares. The Goldman Sachs Group lifted their price objective on Grindr from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Raymond James restated an “outperform” rating and issued a $26.00 price target (up previously from $22.00) on shares of Grindr in a research note on Friday, May 9th. JMP Securities restated a “market outperform” rating and issued a $24.00 price target on shares of Grindr in a research note on Monday, April 21st. Citigroup restated an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. Finally, Wall Street Zen upgraded Grindr from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 22nd. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus 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.