Insider Selling: Grindr (NYSE:GRND) Insider Sells $232,194.31 in Stock

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 12,979 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $17.89, for a total transaction of $232,194.31. Following the sale, the insider directly owned 690,172 shares in the company, valued at $12,347,177.08. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Zachary Katz also recently made the following trade(s):

• On Wednesday, July 1st, Zachary Katz sold 12,800 shares of Grindr stock. The shares were sold at an average price of $16.28, for a total transaction of $208,384.00.
• On Monday, June 29th, Zachary Katz sold 12,799 shares of Grindr stock. The stock was sold at an average price of $14.65, for a total transaction of $187,505.35.
• On Wednesday, June 17th, Zachary Katz sold 10,172 shares of Grindr stock. The stock was sold at an average price of $13.29, for a total transaction of $135,185.88.

Grindr Price Performance

NYSE:GRND opened at $16.62 on Friday. Grindr Inc. has a 52 week low of $9.73 and a 52 week high of $18.50. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 442.30. The stock has a market capitalization of $2.95 billion, a PE ratio of 33.25 and a beta of 0.20. The stock’s 50-day moving average price is $14.55 and its 200-day moving average price is $13.03.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.06). The business had revenue of $138.14 million during the quarter, compared to analysts’ expectations of $132.50 million. Grindr had a net margin of 18.75% and a return on equity of 241.38%. As a group, equities analysts expect that Grindr Inc. will post 0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Grindr

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Grindr during the second quarter worth approximately $49,159,000. Norges Bank acquired a new position in Grindr in the 4th quarter valued at $27,441,000. Quinn Opportunity Partners LLC purchased a new position in Grindr in the 4th quarter valued at $20,565,000. Blacksheep Fund Management Ltd purchased a new position in Grindr in the 4th quarter valued at $16,804,000. Finally, Balyasny Asset Management L.P. boosted its stake in Grindr by 442.6% during the 3rd quarter. Balyasny Asset Management L.P. now owns 942,017 shares of the company’s stock worth $14,149,000 after purchasing an additional 1,217,017 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Analysts Set New Price Targets

GRND has been the subject of a number of recent analyst reports. Raymond James Financial restated an “outperform” rating on shares of Grindr in a research report on Friday. Weiss Ratings raised shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wall Street Zen cut shares of Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $20.00 price objective on shares of Grindr in a report on Friday. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $19.00 target price on shares of Grindr in a research report on Friday. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

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.