Insider Buying: Grindr (NYSE:GRND) Director Purchases 75,000 Shares of Stock

Grindr Inc. (NYSE:GRND) Director George Raymond Zage III acquired 75,000 shares of the business’s stock in a transaction on Wednesday, December 3rd. The shares were purchased at an average price of $13.48 per share, with a total value of $1,011,000.00. Following the transaction, the director owned 1,385,507 shares in the company, valued at $18,676,634.36. The trade was a 5.72% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

George Raymond Zage III also recently made the following trade(s):

• On Thursday, December 4th, George Raymond Zage III bought 80,000 shares of Grindr stock. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $1,080,000.00.
• On Tuesday, December 2nd, George Raymond Zage III purchased 100,000 shares of Grindr stock. The shares were purchased at an average price of $12.95 per share, for a total transaction of $1,295,000.00.
• On Monday, December 1st, George Raymond Zage III purchased 150,000 shares of Grindr stock. The shares were purchased at an average cost of $12.91 per share, with a total value of $1,936,500.00.
• On Friday, November 28th, George Raymond Zage III acquired 150,000 shares of Grindr stock. The stock was purchased at an average price of $12.88 per share, with a total value of $1,932,000.00.
• On Thursday, October 9th, George Raymond Zage III acquired 1,000,000 shares of Grindr stock. The stock was acquired at an average cost of $13.15 per share, for a total transaction of $13,150,000.00.

Grindr Stock Performance

Shares of GRND stock traded down $0.15 during trading hours on Friday, reaching $13.48. 1,289,548 shares of the company’s stock were exchanged, compared to its average volume of 1,999,905. The company has a debt-to-equity ratio of 3.73, a current ratio of 0.82 and a quick ratio of 0.82. The company’s 50 day moving average is $13.71 and its two-hundred day moving average is $17.51. The company has a market cap of $2.49 billion, a P/E ratio of -36.43 and a beta of 0.23. Grindr Inc. has a 1 year low of $11.73 and a 1 year high of $25.13.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. Grindr had a positive return on equity of 80.21% and a negative net margin of 11.99%.The firm had revenue of $115.77 million for the quarter, compared to the consensus estimate of $113.53 million. During the same period in the previous year, the business earned $0.09 earnings per share. The company’s revenue for the quarter was up 29.6% compared to the same quarter last year. Equities research analysts anticipate that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Grindr

Several hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd acquired a new position in Grindr during the third quarter worth about $26,000. EverSource Wealth Advisors LLC grew its position in shares of Grindr by 1,473.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after purchasing an additional 1,385 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Grindr during the 2nd quarter worth approximately $39,000. CWM LLC increased its stake in shares of Grindr by 28.7% during the 2nd quarter. CWM LLC now owns 2,476 shares of the company’s stock worth $56,000 after purchasing an additional 552 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd raised its position in shares of Grindr by 190.7% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,793 shares of the company’s stock worth $57,000 after purchasing an additional 2,488 shares during the last quarter. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Raymond James Financial decreased their target price on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Wall Street Zen downgraded shares of Grindr from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Citizens Jmp lowered their target price on shares of Grindr from $23.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Monday, November 10th. JMP Securities reduced their price target on shares of Grindr from $27.00 to $23.00 and set a “market outperform” rating for the company in a research report on Monday, August 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Grindr in a research note on Monday. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Grindr Company Profile

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.