Grindr (NYSE:GRND) Trading Down 3.8% - Here's What Happened

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

Wall Street Analysts Forecast Growth

GRND has been the subject of a number of research analyst reports. JMP Securities boosted their target price on Grindr from $24.00 to $27.00 and gave the company a "market outperform" rating in a research report on Monday, June 30th. The Goldman Sachs Group boosted their price objective on Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a report on Monday, May 12th. Wall Street Zen raised Grindr from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Raymond James Financial reissued an "outperform" rating and issued a $26.00 price target (up previously from $22.00) on shares of Grindr in a research report on Friday, May 9th. Finally, Citizens Jmp assumed coverage on shares of Grindr in a research report on Monday, June 30th. They set an "outperform" rating and a $27.00 target price for the company. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $24.60.

Grindr Stock Performance

The company has a market capitalization of $3.90 billion, a P/E ratio of -30.67 and a beta of 0.28. The company's fifty day moving average is $23.06 and its 200 day moving average is $19.89. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.85.

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 the consensus estimate of $0.09. Grindr had a positive return on equity of 219.47% and a negative net margin of 26.04%. As a group, equities analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current year.

Insider Activity

In other news, Director J Michael Gearon, Jr. sold 19,432 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $24.75, for a total value of $480,942.00. Following the sale, the director directly owned 5,480,568 shares in the company, valued at $135,644,058. The trade was a 0.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James Fu Bin Lu sold 852,567 shares of the firm's 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 completion of the sale, the director directly owned 26,588,867 shares of the company's stock, valued at approximately $636,271,587.31. The trade was a 3.11% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,626,558 shares of company stock valued at $110,548,184. Company insiders own 67.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BIT Capital GmbH raised its stake in Grindr by 9.6% in the 4th quarter. BIT Capital GmbH now owns 3,989,058 shares of the company's stock worth $71,165,000 after acquiring an additional 349,189 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Grindr by 23.5% in the 1st quarter. Vanguard Group Inc. now owns 1,714,514 shares of the company's stock valued at $30,690,000 after purchasing an additional 325,996 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Grindr during the first quarter worth about $20,049,000. Marshall Wace LLP increased its position in shares of 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 purchasing an additional 513,770 shares during the last quarter. Finally, Bwcp LP lifted its holdings in shares of Grindr by 61.8% in the 1st quarter. Bwcp LP now owns 1,096,586 shares of the company's stock valued at $19,629,000 after purchasing an additional 418,994 shares during the last quarter. 7.22% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.