Daniel Brooks Baer Sells 3,500 Shares of Grindr (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) Director Daniel Brooks Baer sold 3,500 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $15.65, for a total transaction of $54,775.00. Following the completion of the sale, the director owned 47,912 shares of the company’s stock, valued at approximately $749,822.80. The trade was a 6.81% decrease in their position. The transaction was disclosed in a 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 Down 0.4%

GRND opened at $15.59 on Friday. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.10 and a quick ratio of 1.10. The company’s 50-day moving average is $15.44 and its 200 day moving average is $13.32. Grindr Inc. has a fifty-two week low of $9.73 and a fifty-two week high of $18.50. The firm has a market capitalization of $2.71 billion, a P/E ratio of 31.18 and a beta of 0.20.

Grindr (NYSE:GRND) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.06). Grindr had a return on equity of 357.13% and a net margin of 18.75%.The firm had revenue of $138.14 million for the quarter, compared to analysts’ expectations of $132.50 million. Research analysts expect that Grindr Inc. will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Grindr

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Grindr in the second quarter valued at $49,159,000. Vanguard Group Inc. grew its stake in shares of 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 purchased a new stake in Grindr in the 4th quarter worth about $27,441,000. Quinn Opportunity Partners LLC purchased a new stake in Grindr in the 4th quarter worth about $20,565,000. Finally, Dimensional Fund Advisors LP raised its stake 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 during the period. 7.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Grindr in a report on Friday, August 7th. Morgan Stanley reiterated an “overweight” rating and set a $20.00 price target on shares of Grindr in a report on Friday, August 7th. The Goldman Sachs Group reissued a “buy” rating and issued a $19.00 price objective on shares of Grindr in a research report on Friday, August 7th. TD Cowen restated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Finally, Wall Street Zen lowered Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.00.

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.