J Michael Gearon, Jr. Sells 133,346 Shares of Grindr Inc. (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND - Get Free Report) Director J Michael Gearon, Jr. sold 133,346 shares of Grindr stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $24.03, for a total value of $3,204,304.38. Following the completion of the transaction, the director now owns 6,898,514 shares in the company, valued at approximately $165,771,291.42. This represents a 1.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Grindr Stock Performance

NYSE:GRND traded down $0.13 during mid-day trading on Friday, hitting $24.40. 1,739,215 shares of the company's stock traded hands, compared to its average volume of 1,117,367. The company has a fifty day moving average of $21.03 and a 200 day moving average of $18.35. The company has a market capitalization of $4.78 billion, a P/E ratio of -69.71 and a beta of 0.28. Grindr Inc. has a twelve month low of $8.95 and a twelve month high of $25.08.

Grindr (NYSE:GRND - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.09 EPS for the quarter, meeting analysts' consensus estimates of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. On average, research analysts expect that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GRND. First Trust Advisors LP increased its position in Grindr by 11.7% during the 4th quarter. First Trust Advisors LP now owns 95,481 shares of the company's stock worth $1,703,000 after purchasing an additional 9,968 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Grindr by 1.2% during the 4th quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company's stock worth $944,000 after purchasing an additional 623 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Grindr during the 4th quarter worth $227,000. Swiss National Bank purchased a new position in shares of Grindr during the 4th quarter worth $926,000. Finally, Principal Financial Group Inc. increased its holdings in shares of Grindr by 10.9% during the 4th quarter. Principal Financial Group Inc. now owns 33,919 shares of the company's stock worth $605,000 after buying an additional 3,341 shares during the last quarter. 7.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GRND shares. JMP Securities reaffirmed a "market outperform" rating and set a $24.00 target price on shares of Grindr in a research report on Monday, April 21st. Citigroup reissued an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. Wall Street Zen raised Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Raymond James restated an "outperform" rating and issued a $26.00 target price (up previously from $22.00) on shares of Grindr in a research report on Friday, May 9th. Finally, The Goldman Sachs Group boosted their price objective on Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $23.25.

About Grindr

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.