George Raymond Zage III Acquires 150,000 Shares of Grindr (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) Director George Raymond Zage III acquired 150,000 shares of Grindr stock in a transaction dated Monday, December 1st. The shares were acquired at an average price of $12.91 per share, with a total value of $1,936,500.00. Following the completion of the acquisition, the director directly owned 1,210,507 shares of the company’s stock, valued at approximately $15,627,645.37. The trade was a 14.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

George Raymond Zage III also recently made the following trade(s):

• On Friday, November 28th, George Raymond Zage III purchased 150,000 shares of Grindr stock. The stock was acquired at an average cost of $12.88 per share, for a total transaction of $1,932,000.00.
• On Thursday, October 9th, George Raymond Zage III purchased 1,000,000 shares of Grindr stock. The stock was acquired at an average cost of $13.15 per share, for a total transaction of $13,150,000.00.

Grindr Stock Performance

Shares of GRND opened at $13.49 on Thursday. The firm has a market capitalization of $2.49 billion, a P/E ratio of -36.46 and a beta of 0.23. Grindr Inc. has a 52 week low of $11.73 and a 52 week high of $25.13. The stock has a 50 day moving average price of $13.75 and a two-hundred day moving average price of $17.54. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.82 and a current ratio of 0.82.

Grindr (NYSE:GRND) last posted its earnings results on Thursday, November 6th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. Grindr had a positive return on equity of 80.21% and a negative net margin of 11.99%.The company had revenue of $115.77 million for the quarter, compared to analyst estimates of $113.53 million. During the same quarter last year, the company earned $0.09 earnings per share. The company’s revenue for the quarter was up 29.6% on a year-over-year basis. Equities analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GRND. JMP Securities cut their price objective on shares of Grindr from $27.00 to $23.00 and set a “market outperform” rating on the stock in a report on Monday, August 11th. Raymond James Financial cut their price target on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Wall Street Zen lowered shares of Grindr from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. Citizens Jmp dropped their target price on shares of Grindr from $23.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Grindr in a report on Monday. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

Institutional Trading of Grindr

Hedge funds have recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. grew its position in shares of Grindr by 442.6% during the 3rd quarter. Balyasny Asset Management L.P. now owns 942,017 shares of the company’s stock valued at $14,149,000 after acquiring an additional 1,217,017 shares during the period. Nuveen LLC purchased a new position in Grindr in the first quarter valued at approximately $20,049,000. Jacobs Levy Equity Management Inc. grew its holdings in Grindr by 327.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,381,211 shares of the company’s stock valued at $20,746,000 after purchasing an additional 1,058,084 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in Grindr in the first quarter worth $14,320,000. Finally, Norges Bank bought a new stake in shares of Grindr in the second quarter valued at $16,618,000. Institutional investors own 7.22% of the company’s stock.

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.