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 firm’s stock in a transaction dated 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 owned 713,323 shares of the company’s stock, valued at approximately $11,612,898.44. This trade represents a 1.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 Price Performance

NYSE:GRND traded up $0.40 during trading hours on Thursday, reaching $16.09. 1,657,781 shares of the company’s stock were exchanged, compared to its average volume of 1,560,979. The company has a market capitalization of $2.86 billion, a P/E ratio of 33.51 and a beta of 0.22. Grindr Inc. has a 12 month low of $9.73 and a 12 month high of $22.73. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 442.30. The business’s 50-day simple moving average is $13.10 and its two-hundred day simple moving average is $12.50.

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

Wall Street Analysts Forecast Growth

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

Institutional Trading of Grindr

Several hedge funds and other institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its position in Grindr by 1,473.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after buying an additional 1,385 shares during the period. Raymond James Financial Inc. acquired a new stake in Grindr during the 2nd quarter worth about $39,000. Caitong International Asset Management Co. Ltd acquired a new stake in Grindr during the 3rd quarter worth about $26,000. CWM LLC grew its stake in Grindr by 713.8% during the 4th quarter. CWM LLC now owns 2,946 shares of the company’s stock valued at $40,000 after acquiring an additional 2,584 shares in the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new position in Grindr during the 4th quarter valued at about $45,000. Institutional investors and hedge funds 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.