Zachary Katz Sells 12,800 Shares of Grindr (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 12,800 shares of Grindr stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $16.28, for a total transaction of $208,384.00. Following the completion of the transaction, the insider owned 713,323 shares in the company, valued at approximately $11,612,898.44. This trade represents a 1.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Zachary Katz also recently made the following trade(s):

• On Monday, June 29th, Zachary Katz sold 12,799 shares of Grindr stock. The stock was sold at an average price of $14.65, for a total value of $187,505.35.
• On Wednesday, June 17th, Zachary Katz sold 10,172 shares of Grindr stock. The stock was sold at an average price of $13.29, for a total value of $135,185.88.

Grindr Stock Up 0.2%

Shares of Grindr stock opened at $16.09 on Friday. The stock’s fifty day moving average is $13.21 and its 200-day moving average is $12.54. The firm has a market capitalization of $2.86 billion, a PE ratio of 33.51 and a beta of 0.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 442.30. Grindr Inc. has a 12-month low of $9.73 and a 12-month high of $22.73.

Grindr (NYSE:GRND) last announced its earnings results on Thursday, May 7th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.13 by $0.01. Grindr had a return on equity of 123.31% and a net margin of 19.85%.The business had revenue of $129.94 million during the quarter, compared to the consensus estimate of $119.42 million. Equities analysts anticipate that Grindr Inc. will post 0.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Raymond James Financial reiterated an “outperform” rating and issued a $18.00 target price on shares of Grindr in a report on Friday, May 8th. Wall Street Zen upgraded shares of Grindr to a “hold” rating in a report on Saturday, June 27th. TD Cowen restated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Morgan Stanley raised shares of Grindr from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $15.00 to $18.00 in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.20.

Institutional Investors Weigh In On Grindr

Several hedge funds have recently bought and sold shares of GRND. Vanguard Group Inc. boosted its position in Grindr by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock worth $34,430,000 after acquiring an additional 9,952 shares during the period. Norges Bank acquired a new position in shares of Grindr in the 4th quarter valued at about $27,441,000. Quinn Opportunity Partners LLC purchased a new stake in shares of Grindr in the fourth quarter worth approximately $20,565,000. Dimensional Fund Advisors LP lifted its position in shares of Grindr by 77.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock worth $16,881,000 after purchasing an additional 610,111 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Grindr by 327.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,381,211 shares of the company’s stock worth $20,746,000 after purchasing an additional 1,058,084 shares during the period. 7.22% of the stock is owned by hedge funds and other institutional investors.

Grindr Company Profile

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.