Grindr (NYSE:GRND) Director Buys $13,150,000.00 in Stock

Key Points

• Grindr Director George Raymond Zage III recently bought 1,000,000 shares valued at $13.15 per share, totaling $13.15 million, increasing his position by 14.85%.
• The company's stock has seen a decline of 4.0%, trading at $12.71 with a market cap of $2.44 billion.
• Grindr reported a negative net margin of 14.41% for the last quarter, with revenues up 26.6% year-over-year, but earnings per share fell short of analyst expectations.

Grindr Inc. (NYSE:GRND - Get Free Report) Director George Raymond Zage III purchased 1,000,000 shares of Grindr stock in a transaction on Thursday, October 9th. The stock was bought at an average price of $13.15 per share, with a total value of $13,150,000.00. Following the completion of the acquisition, the director directly owned 7,733,283 shares of the company's stock, valued at approximately $101,692,671.45. This trade represents a 14.85% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Grindr Stock Down 4.0%

Shares of NYSE GRND traded down $0.54 during mid-day trading on Tuesday, reaching $12.71. 601,636 shares of the company's stock traded hands, compared to its average volume of 1,885,355. The stock has a market cap of $2.44 billion, a P/E ratio of -28.80 and a beta of 0.23. The business has a 50-day simple moving average of $15.55 and a 200 day simple moving average of $19.32. Grindr Inc. has a 1-year low of $11.73 and a 1-year high of $25.13. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.48 and a quick ratio of 2.48.

Grindr (NYSE:GRND - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The firm had revenue of $104.00 million for the quarter, compared to the consensus estimate of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The firm's revenue for the quarter was up 26.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.13) earnings per share. On average, analysts expect that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Institutional Trading of Grindr

Several hedge funds have recently modified their holdings of GRND. EverSource Wealth Advisors LLC raised its position in shares of Grindr by 1,473.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company's stock valued at $34,000 after purchasing an additional 1,385 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Grindr during the 2nd quarter worth about $39,000. CWM LLC grew its position in Grindr by 838.5% in the 1st quarter. CWM LLC now owns 1,924 shares of the company's stock valued at $34,000 after acquiring an additional 1,719 shares in the last quarter. GAMMA Investing LLC grew its position in Grindr by 45.5% in the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock valued at $38,000 after acquiring an additional 662 shares in the last quarter. Finally, Huntington National Bank acquired a new position in shares of Grindr during the second quarter worth about $64,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GRND has been the subject of a number of research reports. Raymond James Financial lowered their price objective on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Grindr in a research note on Wednesday, October 8th. JMP Securities cut their price objective on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. Wall Street Zen raised shares of Grindr from a "hold" rating to a "buy" rating in a research report on Saturday, October 4th. Finally, Citizens Jmp initiated coverage on shares of Grindr in a report on Monday, June 30th. They set an "outperform" rating and a $27.00 price target on the stock. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Grindr currently has an average rating of "Moderate Buy" and an average target price of $22.60.

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.

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