Grindr (NYSE:GRND) Director James Fu Bin Lu Sells 1,000,000 Shares

Key Points

• Grindr Director James Fu Bin Lu sold 1,000,000 shares of the company's stock for $13.15 per share, totaling $13.15 million, reducing his position by 3.76%.
• The company reported earnings of $0.08 per share, missing the consensus estimate of $0.10, while revenue showed a 26.6% year-over-year increase.
• Analysts have set a consensus rating of "Moderate Buy" on Grindr stock, with an average target price of $22.60.

Grindr Inc. (NYSE:GRND - Get Free Report) Director James Fu Bin Lu sold 1,000,000 shares of the business's stock in a transaction on Thursday, October 9th. The shares were sold at an average price of $13.15, for a total transaction of $13,150,000.00. Following the completion of the sale, the director directly owned 25,588,867 shares in the company, valued at $336,493,601.05. This trade represents a 3.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Grindr Stock Performance

Grindr stock traded down $0.54 on Tuesday, hitting $12.71. The company's stock had a trading volume of 601,636 shares, compared to its average volume of 1,885,355. The firm has a market cap of $2.44 billion, a P/E ratio of -28.80 and a beta of 0.23. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.43. The company has a fifty day moving average price of $15.55 and a 200-day moving average price of $19.32. Grindr Inc. has a one year low of $11.73 and a one year high of $25.13.

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

Institutional Investors Weigh In On Grindr

Hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC bought a new position in Grindr during the 1st quarter worth $197,000. Allspring Global Investments Holdings LLC increased its position in Grindr by 5.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 97,716 shares of the company's stock worth $1,808,000 after buying an additional 5,265 shares during the period. GAMMA Investing LLC increased its position in Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock worth $38,000 after buying an additional 662 shares during the period. Deutsche Bank AG increased its position in Grindr by 42.0% during the 1st quarter. Deutsche Bank AG now owns 402,822 shares of the company's stock worth $7,211,000 after buying an additional 119,121 shares during the period. Finally, Rhumbline Advisers increased its position in Grindr by 3.0% during the 1st quarter. Rhumbline Advisers now owns 43,043 shares of the company's stock worth $770,000 after buying an additional 1,272 shares during the period. Institutional investors and hedge funds own 7.22% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GRND. Citizens Jmp began coverage on Grindr in a research note on Monday, June 30th. They issued an "outperform" rating and a $27.00 price target for the company. Wall Street Zen raised Grindr from a "hold" rating to a "buy" rating in a research note on Saturday, October 4th. JMP Securities lowered their price target on Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a research note on Monday, August 11th. Raymond James Financial lowered their price target on Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Grindr in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $22.60.

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.

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