Grindr (NYSE:GRND) Director Sells $54,775.00 in Stock

Grindr Inc. (NYSE:GRND) Director Daniel Brooks Baer sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $15.65, for a total transaction of $54,775.00. Following the completion of the sale, the director directly owned 47,912 shares in the company, valued at approximately $749,822.80. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Grindr Stock Performance

Shares of GRND stock opened at $15.59 on Monday. The firm’s 50 day moving average is $15.44 and its 200 day moving average is $13.33. The stock has a market capitalization of $2.71 billion, a P/E ratio of 31.18 and a beta of 0.20. Grindr Inc. has a 12 month low of $9.73 and a 12 month high of $18.50. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 442.30.

Grindr (NYSE:GRND) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). Grindr had a net margin of 18.75% and a return on equity of 357.13%. The business had revenue of $138.14 million during the quarter, compared to analysts’ expectations of $132.50 million. On average, sell-side analysts anticipate that Grindr Inc. will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new stake in Grindr during the third quarter valued at $26,000. EverSource Wealth Advisors LLC grew its position in Grindr by 1,473.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after buying an additional 1,385 shares in the last quarter. Raymond James Financial Inc. bought a new position in Grindr in the 2nd quarter worth about $39,000. CWM LLC increased its stake in Grindr by 713.8% in the 4th quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $40,000 after acquiring an additional 2,584 shares during the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Grindr in the 4th quarter valued at about $45,000. Institutional investors own 7.22% of the company’s stock.

Analysts Set New Price Targets

GRND has been the topic of a number of analyst reports. Wall Street Zen lowered Grindr from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings restated a “hold (c)” rating on shares of Grindr in a research note on Friday, August 7th. Morgan Stanley reaffirmed an “overweight” rating and set a $20.00 target price on shares of Grindr in a report on Friday, August 7th. The Goldman Sachs Group reiterated a “buy” rating and set a $19.00 price target on shares of Grindr in a research report on Friday, August 7th. Finally, Raymond James Financial reissued an “outperform” rating on shares of Grindr in a report on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

About Grindr

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.