Grindr (NYSE:GRND) Director Sells $3,282,500.00 in Stock

Key Points

• James Fu Bin Lu, a director of Grindr, sold a total of $3,282,500 worth of stock by divesting 250,000 shares at an average price of $13.13.
• Grindr's stock is currently priced at $13.19, with a market capitalization of $2.53 billion and a P/E ratio of -29.98.
• Recent analyst reports have downgraded Grindr's stock rating and adjusted price targets, with firms like JMP Securities lowering their target from $27 to $23.

Grindr Inc. (NYSE:GRND - Get Free Report) Director James Fu Bin Lu sold 250,000 shares of the firm's stock in a transaction on Friday, October 17th. The stock was sold at an average price of $13.13, for a total value of $3,282,500.00. Following the completion of the transaction, the director owned 23,888,867 shares in the company, valued at approximately $313,660,823.71. This trade represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

James Fu Bin Lu also recently made the following trade(s):

• On Wednesday, October 15th, James Fu Bin Lu sold 400,000 shares of Grindr stock. The shares were sold at an average price of $12.96, for a total transaction of $5,184,000.00.
• On Monday, October 13th, James Fu Bin Lu sold 350,000 shares of Grindr stock. The stock was sold at an average price of $12.95, for a total transaction of $4,532,500.00.
• On Friday, October 10th, James Fu Bin Lu sold 300,000 shares of Grindr stock. The shares were sold at an average price of $11.94, for a total transaction of $3,582,000.00.
• On Thursday, October 9th, James Fu Bin Lu sold 1,000,000 shares of Grindr stock. The stock was sold at an average price of $13.15, for a total value of $13,150,000.00.

Grindr Stock Performance

Grindr stock traded up $0.34 during trading on Tuesday, reaching $13.19. The company had a trading volume of 3,088,281 shares, compared to its average volume of 2,981,931. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of -29.98 and a beta of 0.23. The company has a current ratio of 2.48, a quick ratio of 2.48 and a debt-to-equity ratio of 1.43. The firm's 50-day simple moving average is $15.02 and its 200 day simple moving average is $19.09. Grindr Inc. has a 52 week low of $11.73 and a 52 week 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 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The company had revenue of $104.00 million during the quarter, compared to analysts' expectations of $104.40 million. During the same quarter in the previous year, the company earned ($0.13) EPS. The business's quarterly revenue was up 26.6% compared to the same quarter last year. Sell-side analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Grindr

Large investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in shares of 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 purchasing an additional 662 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Grindr during the 1st quarter valued at approximately $197,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Grindr by 5.7% in the first 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 last quarter. Bank of New York Mellon Corp lifted its stake in shares of Grindr by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 53,998 shares of the company's stock worth $967,000 after buying an additional 1,111 shares during the period. Finally, Penserra Capital Management LLC purchased a new stake in shares of Grindr during the first quarter valued at $1,955,000. 7.22% of the stock is owned by institutional investors and hedge funds.

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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