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

Grindr Inc. (NYSE:GRND) Director J Michael Gearon, Jr. sold 477,570 shares of the firm’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $23.64, for a total transaction of $11,289,754.80. Following the transaction, the director now owns 5,500,000 shares in the company, valued at approximately $130,020,000. This trade represents a 7.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Grindr Stock Performance

Grindr stock traded up $0.55 during trading hours on Tuesday, reaching $24.33. 1,545,801 shares of the stock were exchanged, compared to its average volume of 1,075,396. Grindr Inc. has a 52-week low of $8.95 and a 52-week high of $24.80. The firm’s 50 day moving average is $19.78 and its 200 day moving average is $17.80. The stock has a market cap of $5.07 billion, a P/E ratio of -69.51 and a beta of 0.28.

Grindr (NYSE:GRND) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) 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%. Equities research analysts expect that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GRND. The Goldman Sachs Group increased their price target on shares of Grindr from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. JMP Securities reiterated a “market outperform” rating and set a $24.00 target price on shares of Grindr in a research note on Monday, April 21st. 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 report on Friday, May 9th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $23.25.

Hedge Funds Weigh In On Grindr

Several hedge funds have recently bought and sold shares of the stock. CWM LLC grew its holdings in Grindr by 838.5% in the 1st 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 period. GAMMA Investing LLC boosted its position in shares of Grindr by 45.5% in the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock worth $38,000 after acquiring an additional 662 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock valued at $47,000 after purchasing an additional 642 shares during the period. Quarry LP grew its holdings in Grindr by 209.2% in the fourth quarter. Quarry LP now owns 3,423 shares of the company’s stock valued at $61,000 after purchasing an additional 2,316 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. increased 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 worth $83,000 after purchasing an additional 3,880 shares during the last quarter. Hedge funds and other 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.