Grindr Sees Unusually Large Options Volume (NYSE:GRND)

Key Points

• Grindr Inc. experienced a significant spike in options trading, with 28,202 call options purchased, marking a 1,622% increase from the typical volume.
• Insider trades reported a total of 4,641,251 shares sold over the past three months, indicating a notable decrease in insider ownership, with the CFO and a director making substantial sales.
• Research firms have upgraded Grindr's stock ratings, with five analysts rating it a buy and a consensus target price increase, highlighting positive sentiment towards the company’s future performance.

Grindr Inc. (NYSE:GRND - Get Free Report) was the recipient of unusually large options trading activity on Thursday. Stock investors bought 28,202 call options on the stock. Thisisanincreaseofapproximately1,622% compared to the average daily volume of 1,638 call options.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Citizens Jmp assumed coverage on shares of Grindr in a research note on Monday, June 30th. They set an "outperform" rating and a $27.00 price objective for the company. Raymond James Financial decreased their price objective on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a research note on Friday. Wall Street Zen downgraded shares of Grindr from a "strong-buy" rating to a "buy" rating in a research note on Saturday. The Goldman Sachs Group boosted their price objective on shares of Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, JMP Securities boosted their price objective on shares of Grindr from $24.00 to $27.00 and gave the stock a "market outperform" rating in a research note on Monday, June 30th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Grindr has an average rating of "Buy" and an average target price of $23.40.

Grindr Stock Down 12.1%

Shares of GRND stock traded down $2.17 on Friday, hitting $15.72. The stock had a trading volume of 6,528,111 shares, compared to its average volume of 1,818,426. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of -35.73 and a beta of 0.25. The stock's 50 day moving average is $21.14 and its 200-day moving average is $20.04. The company has a debt-to-equity ratio of 0.85, a quick ratio of 4.22 and a current ratio of 4.22. Grindr has a 52-week low of $11.01 and a 52-week high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $104.00 million during the quarter, compared to analysts' expectations of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 132.07%. Grindr's revenue for the quarter was up 26.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.13) earnings per share. As a group, research analysts expect that Grindr will post 0.29 earnings per share for the current year.

Insider Activity at Grindr

In related news, Director J Michael Gearon, Jr. sold 500,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $23.71, for a total transaction of $11,855,000.00. Following the completion of the transaction, the director owned 6,619,727 shares of the company's stock, valued at approximately $156,953,727.17. This represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Fu Bin Lu sold 852,567 shares of the company's stock in a transaction that occurred on 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. This trade represents a 3.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,641,251 shares of company stock valued at $110,831,024 in the last ninety days. 67.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC boosted 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 during the last quarter. GAMMA Investing LLC boosted 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 during the last quarter. Russell Investments Group Ltd. boosted its stake in Grindr by 31.9% during the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock valued at $47,000 after acquiring an additional 642 shares during the last quarter. Huntington National Bank bought a new position in Grindr during the 2nd quarter valued at $64,000. Finally, Quarry LP boosted its stake in Grindr by 209.2% during the 4th quarter. Quarry LP now owns 3,423 shares of the company's stock valued at $61,000 after acquiring an additional 2,316 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.