Nathan Richardson Sells 1,500 Shares of Grindr (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND) Director Nathan Richardson sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $12.17, for a total transaction of $18,255.00. Following the sale, the director owned 9,833 shares of the company’s stock, valued at $119,667.61. The trade was a 13.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Nathan Richardson also recently made the following trade(s):

• On Monday, February 2nd, Nathan Richardson sold 1,500 shares of Grindr stock. The shares were sold at an average price of $11.18, for a total value of $16,770.00.

Grindr Price Performance

Shares of NYSE:GRND traded up $0.02 on Friday, reaching $12.17. 997,694 shares of the company traded hands, compared to its average volume of 1,394,510. Grindr Inc. has a fifty-two week low of $9.73 and a fifty-two week high of $25.13. The company’s 50 day moving average is $11.49 and its 200-day moving average is $12.95. The stock has a market capitalization of $2.25 billion, a PE ratio of 28.31 and a beta of 0.21. The company has a debt-to-equity ratio of 8.00, a current ratio of 1.96 and a quick ratio of 1.96.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. The Goldman Sachs Group reduced their target price on Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Morgan Stanley began coverage on Grindr in a report on Tuesday, February 24th. They set an “equal weight” rating and a $14.00 price objective on the stock. TD Cowen reduced their price objective on shares of Grindr from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Finally, Weiss Ratings upgraded shares of Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, March 4th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Institutional Trading of Grindr

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Grindr by 0.4% during the third quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock valued at $34,430,000 after buying 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 acquired a new stake in Grindr during the 4th quarter worth about $20,565,000. Jacobs Levy Equity Management Inc. grew its stake in Grindr by 327.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,381,211 shares of the company’s stock valued at $20,746,000 after acquiring an additional 1,058,084 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in Grindr by 93.5% during the 2nd quarter. Bank of America Corp DE now owns 1,259,449 shares of the company’s stock valued at $28,589,000 after acquiring an additional 608,554 shares in the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

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.