Grindr (NYSE:GRND) Trading Down 3.8% - Time to Sell?

Grindr Inc. (NYSE:GRND - Get Free Report)'s share price dropped 3.8% during mid-day trading on Thursday . The stock traded as low as $20.36 and last traded at $20.38. Approximately 279,673 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,204,342 shares. The stock had previously closed at $21.19.

Analyst Ratings Changes

A number of research firms recently commented on GRND. Wall Street Zen raised shares of Grindr from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. JMP Securities lifted their target price on shares of Grindr from $24.00 to $27.00 and gave the company a "market outperform" rating in a research note on Monday, June 30th. The Goldman Sachs Group lifted their target price on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Citizens Jmp began coverage on shares of Grindr in a research note on Monday, June 30th. They set an "outperform" rating and a $27.00 target price for the company. Finally, Raymond James Financial reaffirmed 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. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $24.60.

Grindr Stock Performance

The company has a quick ratio of 4.22, a current ratio of 4.22 and a debt-to-equity ratio of 0.85. The company's 50-day moving average is $22.89 and its two-hundred day moving average is $19.95. The company has a market capitalization of $3.89 billion, a P/E ratio of -30.59 and a beta of 0.28.

Grindr (NYSE:GRND - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.09. Grindr had a positive return on equity of 219.47% and a negative net margin of 26.04%. Equities analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Grindr

In other news, Director James Fu Bin Lu sold 852,567 shares of Grindr stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $23.93, for a total transaction of $20,401,928.31. Following the transaction, the director directly owned 26,588,867 shares of the company's stock, valued at $636,271,587.31. The trade was a 3.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director J Michael Gearon, Jr. sold 500,000 shares of Grindr stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $23.71, for a total value of $11,855,000.00. Following the transaction, the director directly owned 6,619,727 shares in the company, valued at approximately $156,953,727.17. The trade was a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,626,558 shares of company stock worth $110,548,184 in the last quarter. Company insiders own 67.70% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GRND. Nuveen LLC bought a new position in Grindr in the 1st quarter valued at $20,049,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of Grindr in the first quarter valued at about $14,320,000. Bwcp LP acquired a new position in Grindr in the fourth quarter valued at approximately $12,088,000. Sellaronda Global Management LP acquired a new position in shares of Grindr during the 4th quarter worth approximately $10,704,000. Finally, Marshall Wace LLP grew its holdings in Grindr by 85.2% in 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 in the last quarter. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.