J Michael Gearon, Jr. Sells 249,700 Shares of Grindr Inc. (NYSE:GRND) Stock

Grindr Inc. (NYSE:GRND - Get Free Report) Director J Michael Gearon, Jr. sold 249,700 shares of Grindr stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $24.44, for a total transaction of $6,102,668.00. Following the sale, the director now directly owns 6,090,959 shares in the company, valued at approximately $148,863,037.96. The trade was a 3.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Grindr Stock Up 0.9%

Shares of NYSE GRND traded up $0.22 during midday trading on Thursday, hitting $23.25. The company had a trading volume of 1,508,873 shares, compared to its average volume of 1,139,336. Grindr Inc. has a twelve month low of $8.95 and a twelve month high of $25.13. The firm has a market capitalization of $4.55 billion, a price-to-earnings ratio of -66.41 and a beta of 0.28. The business has a 50-day simple moving average of $21.38 and a two-hundred day simple moving average of $18.55.

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

Institutional Trading of Grindr

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GRND. Nuveen LLC acquired a new position in Grindr in the 1st quarter valued at $20,049,000. Adage Capital Partners GP L.L.C. purchased a new stake in Grindr during the 1st quarter worth $14,320,000. Bwcp LP acquired a new position in shares of Grindr in the 4th quarter valued at approximately $12,088,000. Sellaronda Global Management LP acquired a new position in shares of Grindr in the 4th quarter worth approximately $10,704,000. Finally, Marshall Wace LLP grew its position in shares of Grindr by 85.2% during the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company's stock valued at $19,928,000 after buying an additional 513,770 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GRND shares. JMP Securities reaffirmed a "market outperform" rating and issued a $24.00 price objective on shares of Grindr in a research note on Monday, April 21st. Wall Street Zen raised Grindr from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. 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 note on Monday, May 12th. Raymond James reiterated an "outperform" rating and set a $26.00 target price (up previously from $22.00) on shares of Grindr in a research note on Friday, May 9th. Finally, Citigroup reiterated an "outperform" rating on shares of Grindr in a research report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to 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.