Grindr Inc. (NYSE:GRND) Director Sells $6,102,668.00 in Stock

Grindr Inc. (NYSE:GRND - Get Free Report) Director J Michael Gearon, Jr. sold 249,700 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $24.44, for a total transaction of $6,102,668.00. Following the sale, the director now owns 6,090,959 shares in the company, valued at approximately $148,863,037.96. This trade represents a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Grindr Stock Up 0.3%

Grindr stock traded up $0.08 during midday trading on Friday, hitting $23.34. 1,795,175 shares of the stock were exchanged, compared to its average volume of 1,146,303. The company has a fifty day simple moving average of $21.59 and a two-hundred day simple moving average of $18.67. Grindr Inc. has a 52 week low of $8.95 and a 52 week high of $25.13. The stock has a market capitalization of $4.57 billion, a PE ratio of -66.67 and a beta of 0.31.

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

Institutional Trading of Grindr

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRND. Bleakley Financial Group LLC lifted its stake in Grindr by 5.6% during the 4th quarter. Bleakley Financial Group LLC now owns 28,712 shares of the company's stock valued at $512,000 after acquiring an additional 1,524 shares in the last quarter. Savant Capital LLC grew its holdings in Grindr by 9.6% during the 4th quarter. Savant Capital LLC now owns 19,325 shares of the company's stock valued at $345,000 after buying an additional 1,689 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Grindr during the fourth quarter worth about $1,649,000. Principal Financial Group Inc. grew its holdings in shares of Grindr by 10.9% during the fourth quarter. Principal Financial Group Inc. now owns 33,919 shares of the company's stock worth $605,000 after purchasing an additional 3,341 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in Grindr in the 4th quarter worth approximately $201,000. Institutional investors and hedge funds own 7.22% of the company's stock.

Wall Street Analyst Weigh In

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

Grindr Company Profile

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.