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

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 12,800 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total transaction of $208,384.00. Following the transaction, the insider directly owned 713,323 shares in the company, valued at $11,612,898.44. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 transaction of $187,505.35.
• On Wednesday, June 17th, Zachary Katz sold 10,172 shares of Grindr stock. The shares were sold at an average price of $13.29, for a total transaction of $135,185.88.

Grindr Stock Up 2.5%

Shares of Grindr stock traded up $0.40 on Thursday, hitting $16.09. 1,657,781 shares of the company traded hands, compared to its average volume of 1,560,979. The company has a 50-day moving average price of $13.10 and a 200 day moving average price of $12.50. 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. The company has a market cap of $2.86 billion, a PE ratio of 33.51 and a beta of 0.22.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The business had revenue of $129.94 million for the quarter, compared to the consensus estimate of $119.42 million. Sell-side analysts predict that Grindr Inc. will post 0.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Grindr

Hedge funds have recently bought and sold shares of the business. Emmett Investment Management LP bought a new position in Grindr during the first quarter valued at about $3,702,000. Quantinno Capital Management LP boosted its stake in shares of Grindr by 194.0% during the 1st quarter. Quantinno Capital Management LP now owns 117,998 shares of the company’s stock worth $1,427,000 after acquiring an additional 77,867 shares in the last quarter. Rangeley Capital LLC boosted its stake in shares of Grindr by 10.4% during the 1st quarter. Rangeley Capital LLC now owns 234,000 shares of the company’s stock worth $2,829,000 after acquiring an additional 22,000 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Grindr by 77.6% during 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 during the last quarter. Finally, SPX Gestao de Recursos Ltda increased its holdings in shares of Grindr by 13.4% during the 1st quarter. SPX Gestao de Recursos Ltda now owns 455,800 shares of the company’s stock valued at $5,511,000 after acquiring an additional 54,000 shares during the last quarter. 7.22% of the stock is owned by institutional investors and hedge funds.

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.