Grindr (NYSE:GRND) Stock Price Down 3.4% – Here’s What Happened

Grindr Inc. (NYSE:GRND) shares traded down 3.4% during mid-day trading on Tuesday . The stock traded as low as $23.83 and last traded at $23.89. 692,536 shares were traded during mid-day trading, a decline of 38% from the average session volume of 1,122,970 shares. The stock had previously closed at $24.73.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of Grindr from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Raymond James reiterated an “outperform” rating and set a $26.00 price objective (up previously from $22.00) on shares of Grindr in a research note on Friday, May 9th. Wall Street Zen upgraded shares of Grindr from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 22nd. JMP Securities reiterated a “market outperform” rating and set a $24.00 price objective on shares of Grindr in a research note on Monday, April 21st. Finally, Citigroup reiterated an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $23.25.

Grindr Stock Performance

The stock’s fifty day simple moving average is $21.17 and its two-hundred day simple moving average is $18.48. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of -67.06 and a beta of 0.28.

Grindr (NYSE:GRND) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. On average, equities analysts anticipate that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Grindr

In other news, Director Daniel Brooks Baer sold 2,435 shares of Grindr stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $24.00, for a total value of $58,440.00. Following the transaction, the director now owns 24,693 shares of the company’s stock, valued at $592,632. This trade represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Fu Bin Lu sold 852,567 shares of Grindr stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $23.93, for a total transaction of $20,401,928.31. Following the completion of the transaction, the director now directly owns 26,588,867 shares in the company, valued at approximately $636,271,587.31. This represents a 3.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,002,207 shares of company stock worth $95,424,038 over the last ninety days. 76.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Grindr

A number of institutional investors have recently modified their holdings of GRND. CWM LLC grew its stake in shares of Grindr by 838.5% in the first quarter. CWM LLC now owns 1,924 shares of the company’s stock worth $34,000 after acquiring an additional 1,719 shares during the last quarter. GAMMA Investing LLC grew its stake 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 stake in shares of Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after acquiring an additional 642 shares during the last quarter. Quarry LP grew its stake in shares of Grindr by 209.2% in the fourth quarter. Quarry LP now owns 3,423 shares of the company’s stock worth $61,000 after acquiring an additional 2,316 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Grindr by 511.9% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock worth $83,000 after acquiring an additional 3,880 shares during the last quarter. 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.