Zachary Katz Sells 10,172 Shares of Grindr (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 10,172 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $13.29, for a total value of $135,185.88. Following the transaction, the insider directly owned 738,922 shares in the company, valued at approximately $9,820,273.38. This trade represents a 1.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Grindr Stock Up 0.5%

GRND stock opened at $13.21 on Wednesday. Grindr Inc. has a 1-year low of $9.73 and a 1-year high of $22.99. The business’s 50 day simple moving average is $12.95 and its 200 day simple moving average is $12.47. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 442.30. The firm has a market capitalization of $2.35 billion, a PE ratio of 27.52 and a beta of 0.24.

Grindr (NYSE:GRND) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $129.94 million during the quarter, compared to analysts’ expectations of $119.42 million. Grindr had a net margin of 19.85% and a return on equity of 123.31%. As a group, research analysts anticipate that Grindr Inc. will post 0.58 EPS for the current year.

Analyst Upgrades and Downgrades

GRND has been the topic of several research analyst reports. Weiss Ratings raised shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. The Goldman Sachs Group reduced their price objective on Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Raymond James Financial reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Grindr in a research report on Friday, May 8th. TD Cowen reiterated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Finally, Morgan Stanley initiated coverage on Grindr in a research note on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.40.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Grindr by 0.4% in the third quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock valued at $34,430,000 after buying an additional 9,952 shares during the period. Norges Bank bought a new position in Grindr during the 4th quarter worth $27,441,000. Quinn Opportunity Partners LLC bought a new position in Grindr during the 4th quarter worth $20,565,000. Dimensional Fund Advisors LP raised its holdings in Grindr by 77.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock valued at $16,881,000 after acquiring an additional 610,111 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Grindr by 327.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,381,211 shares of the company’s stock valued at $20,746,000 after acquiring an additional 1,058,084 shares in the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.