Grindr Inc. (NYSE:GRND) Director J Michael Gearon, Jr. Sells 477,570 Shares

Grindr Inc. (NYSE:GRND) Director J Michael Gearon, Jr. sold 477,570 shares of Grindr stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $23.64, for a total transaction of $11,289,754.80. Following the transaction, the director now directly owns 5,500,000 shares in the company, valued at approximately $130,020,000. The trade was a 7.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Grindr Trading Down 2.7%

NYSE:GRND opened at $23.71 on Friday. The company has a market capitalization of $4.64 billion, a P/E ratio of -67.74 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 firm has a fifty day simple moving average of $20.23 and a 200-day simple moving average of $17.96.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. Equities analysts forecast that Grindr Inc. will post 0.29 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Raymond James reissued an “outperform” rating and set a $26.00 price objective (up from $22.00) on shares of Grindr in a report on Friday, May 9th. Wall Street Zen raised shares of Grindr from a “buy” rating to a “strong-buy” rating in a report on Thursday. JMP Securities reissued a “market outperform” rating and set a $24.00 price objective on shares of Grindr in a report on Monday, April 21st. Citigroup reissued an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. Finally, The Goldman Sachs Group lifted their price objective on shares of Grindr from $20.00 to $26.00 and gave the company a “buy” rating in a report on Monday, May 12th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $23.25.

Institutional Investors Weigh In On Grindr

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

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.