Grindr (NYSE:GRND) Trading Down 8.4% After Insider Selling

Key Points

• Grindr's stock dropped 8.4% after Director James Fu Bin Lu sold 1,000,000 shares at an average price of $13.15, lowering his ownership stake by 3.76%.
• Wall Street analysts have mixed ratings on Grindr, with price targets now ranging from $20.00 to $27.00, and a consensus rating of "Moderate Buy."
• Grindr reported quarterly earnings that missed expectations, with an EPS of $0.08 compared to the consensus estimate of $0.10, though their revenue rose 26.6% year-over-year.

Grindr Inc. (NYSE:GRND - Get Free Report)'s stock price traded down 8.4% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $12.19 and last traded at $12.12. 1,347,471 shares were traded during mid-day trading, a decline of 29% from the average session volume of 1,888,089 shares. The stock had previously closed at $13.24.

Specifically, Director James Fu Bin Lu sold 1,000,000 shares of the stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $13.15, for a total value of $13,150,000.00. Following the completion of the transaction, the director owned 25,588,867 shares of the company's stock, valued at approximately $336,493,601.05. This represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GRND. Raymond James Financial reduced their price target on Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Citizens Jmp began coverage on Grindr in a report 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 report on Saturday, October 4th. JMP Securities reduced their price target on Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, August 11th. 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 stock. Based on data from MarketBeat.com, Grindr presently has a consensus rating of "Moderate Buy" and an average target price of $22.60.

Grindr Trading Down 9.2%

The firm has a market cap of $2.31 billion, a P/E ratio of -27.26 and a beta of 0.23. The company has a debt-to-equity ratio of 1.43, a quick ratio of 2.48 and a current ratio of 2.48. The firm has a fifty day moving average of $15.55 and a 200-day moving average of $19.32.

Grindr (NYSE:GRND - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate of $104.40 million. Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The company's revenue for the quarter was up 26.6% on a year-over-year basis. During the same period last year, the business posted ($0.13) EPS. Equities research analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current year.

Institutional Trading of Grindr

Several hedge funds have recently added to or reduced their stakes in GRND. CWM LLC raised its stake in Grindr by 838.5% during the 1st quarter. CWM LLC now owns 1,924 shares of the company's stock valued at $34,000 after acquiring an additional 1,719 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company's stock valued at $34,000 after acquiring an additional 1,385 shares in the last quarter. GAMMA Investing LLC raised its stake in Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock valued at $38,000 after acquiring an additional 662 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Grindr during the 2nd quarter valued at $39,000. Finally, Huntington National Bank bought a new stake in Grindr during the 2nd quarter valued at $64,000. Institutional investors own 7.22% of the company's stock.

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.