Grindr (NYSE:GRND) Stock Price Down 3.4% on Insider Selling

Shares of Grindr Inc. (NYSE:GRND - Get Free Report) dropped 3.4% on Tuesday following insider selling activity. The stock traded as low as $23.83 and last traded at $23.89. Approximately 692,536 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 1,122,970 shares. The stock had previously closed at $24.73.

Specifically, Director J Michael Gearon, Jr. sold 250,300 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $24.33, for a total value of $6,089,799.00. Following the completion of the transaction, the director now owns 6,340,659 shares in the company, valued at approximately $154,268,233.47. This represents a 3.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director J Michael Gearon, Jr. sold 249,700 shares of the stock in a transaction 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 completion of the transaction, the director now owns 6,090,959 shares of the company's stock, valued at approximately $148,863,037.96. This represents a 3.94% decrease in their position. The disclosure for this sale can be found here. In other news, Director Daniel Brooks Baer sold 2,435 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $24.00, for a total value of $58,440.00. Following the completion of the transaction, the director now owns 24,693 shares in the company, valued at approximately $592,632. This represents a 8.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

GRND has been the subject of a number of recent research reports. Raymond James restated an "outperform" rating and issued a $26.00 price objective (up previously from $22.00) on shares of Grindr in a research note on Friday, May 9th. JMP Securities reaffirmed a "market outperform" rating and issued a $24.00 target price on shares of Grindr in a report on Monday, April 21st. Citigroup reaffirmed an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. The Goldman Sachs Group upped their target price on shares of Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Wall Street Zen raised shares of Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Five research 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 company has a consensus rating of "Buy" and an average price target of $23.25.

Grindr Trading Up 0.3%

The company's fifty day moving average price is $21.59 and its two-hundred day moving average price is $18.69. The firm has a market cap of $4.57 billion, a P/E ratio of -66.67 and a beta of 0.31.

Grindr (NYSE:GRND - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.09 EPS 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%. On average, analysts predict that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. First Trust Advisors LP boosted its stake in shares of Grindr by 11.7% in the 4th quarter. First Trust Advisors LP now owns 95,481 shares of the company's stock valued at $1,703,000 after purchasing an additional 9,968 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Grindr by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company's stock valued at $944,000 after purchasing an additional 623 shares during the last quarter. Janus Henderson Group PLC bought a new position in shares of Grindr in the 4th quarter valued at about $227,000. Swiss National Bank bought a new position in shares of Grindr in the 4th quarter valued at about $926,000. Finally, Nuveen Asset Management LLC boosted its stake in shares of Grindr by 37.0% in the 4th quarter. Nuveen Asset Management LLC now owns 792,916 shares of the company's stock valued at $14,146,000 after purchasing an additional 214,102 shares during the last quarter. Institutional investors own 7.22% of the company's stock.

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.