Zachary Katz Sells 12,799 Shares of Grindr (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) insider Zachary Katz sold 12,799 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $14.65, for a total transaction of $187,505.35. Following the completion of the sale, the insider owned 726,123 shares of the company’s stock, valued at $10,637,701.95. This trade represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 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 Trading Up 8.8%

GRND opened at $15.63 on Thursday. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 32.57 and a beta of 0.22. The company’s 50 day simple moving average is $13.10 and its two-hundred day simple moving average is $12.50. Grindr Inc. has a 1-year low of $9.73 and a 1-year high of $22.73. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.32 and a quick ratio of 1.32.

Grindr (NYSE:GRND) last posted its quarterly 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. The firm had revenue of $129.94 million during the quarter, compared to analysts’ expectations of $119.42 million. Grindr had a return on equity of 123.31% and a net margin of 19.85%. Analysts expect that Grindr Inc. will post 0.58 EPS for the current fiscal year.

Institutional Trading of Grindr

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd purchased a new position in Grindr during the third quarter worth about $26,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Grindr by 1,473.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after acquiring an additional 1,385 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Grindr in the 2nd quarter worth approximately $39,000. CWM LLC boosted its position in shares of Grindr by 713.8% during the 4th quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $40,000 after purchasing an additional 2,584 shares during the period. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of Grindr during the 4th quarter worth approximately $45,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.