Key Points
- Insider sale: Grindr insider Zachary Katz sold 12,800 shares on July 1 at an average price of $16.28, totaling about $208,384. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and Katz’s ownership fell by 1.76%.
- More recent selling: Katz also sold shares on June 29 and June 17, continuing a pattern of insider selling over the past few weeks.
- Stock and analyst backdrop: Grindr shares opened at $16.09, and analysts remain generally constructive, with five Buy ratings and one Hold rating, plus an average price target of $19.20. The company also recently beat quarterly EPS and revenue estimates.
Grindr Inc. (NYSE:GRND - Get Free Report) insider Zachary Katz sold 12,800 shares of the company's stock in a transaction 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 sale, the insider owned 713,323 shares of the company's stock, valued at $11,612,898.44. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 shares were 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 Price Performance
Shares of NYSE GRND opened at $16.09 on Friday. Grindr Inc. has a 1 year low of $9.73 and a 1 year high of $22.73. The stock has a market capitalization of $2.86 billion, a P/E ratio of 33.51 and a beta of 0.22. The company's 50-day moving average is $13.16 and its 200 day moving average is $12.52. 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 - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.13 by $0.01. The business had revenue of $129.94 million during the quarter, compared to analyst estimates of $119.42 million. Grindr had a net margin of 19.85% and a return on equity of 123.31%. On average, sell-side analysts expect that Grindr Inc. will post 0.58 earnings per share for the current year.
Hedge Funds Weigh In On Grindr
A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Grindr in the 4th quarter worth $27,441,000. Quinn Opportunity Partners LLC purchased a new position in shares of Grindr in the fourth quarter worth $20,565,000. Blacksheep Fund Management Ltd bought a new position in shares of Grindr during the fourth quarter valued at $16,804,000. Balyasny Asset Management L.P. lifted its holdings in shares of Grindr by 442.6% during the third quarter. Balyasny Asset Management L.P. now owns 942,017 shares of the company's stock valued at $14,149,000 after purchasing an additional 1,217,017 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Grindr during the fourth quarter valued at $15,631,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on GRND shares. Wall Street Zen upgraded shares of Grindr to a "hold" rating in a report on Saturday, June 27th. Morgan Stanley upgraded shares of Grindr from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $15.00 to $18.00 in a research note on Wednesday. Raymond James Financial reissued an "outperform" rating and set a $18.00 price objective on shares of Grindr in a research note on Friday, May 8th. Weiss Ratings upgraded shares of Grindr from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Finally, TD Cowen reaffirmed a "buy" rating on shares of Grindr in a research note on Monday, June 1st. Five research 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 stock currently has an average rating of "Moderate Buy" and an average target price of $19.20.
View Our Latest Report on GRND
About Grindr
(
Get Free Report)
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.
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