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 target of unusually large options trading on Thursday. Stock traders acquired 28,202 call options on the stock. Thisisanincreaseof1,622% compared to the typical volume of 1,638 call options.

Grindr Stock Performance

GRND stock traded up $1.28 during mid-day trading on Monday, hitting $16.97. 3,647,109 shares of the company were exchanged, compared to its average volume of 1,806,070. The business has a 50 day simple moving average of $21.14 and a 200-day simple moving average of $20.06. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $3.32 billion, a PE ratio of -38.56 and a beta of 0.25. Grindr has a 1-year low of $11.39 and a 1-year high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). Grindr had a negative net margin of 14.41% and a positive return on equity of 132.07%. The business had revenue of $104.00 million during the quarter, compared to analyst estimates of $104.40 million. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. The firm's quarterly revenue was up 26.6% on a year-over-year basis. On average, equities analysts forecast that Grindr will post 0.29 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. The Goldman Sachs Group lifted their price objective on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. JMP Securities lowered their price objective on Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a research note on Monday. Wall Street Zen downgraded Grindr from a "strong-buy" rating to a "buy" rating in a report on Saturday. Raymond James Financial reduced their price objective on Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday. Finally, Citizens Jmp initiated coverage on Grindr in a research note on Monday, June 30th. They issued an "outperform" rating and a $27.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $22.60.

Insider Buying and Selling at Grindr

In related news, Director J Michael Gearon, Jr. sold 19,432 shares of Grindr stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $24.75, for a total transaction of $480,942.00. Following the completion of the sale, the director owned 5,480,568 shares of the company's stock, valued at approximately $135,644,058. This trade represents a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vandana Mehta-Krantz sold 20,982 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $22.18, for a total value of $465,380.76. Following the completion of the sale, the chief financial officer directly owned 731,612 shares of the company's stock, valued at $16,227,154.16. This represents a 2.79% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,660,481 shares of company stock worth $87,543,313. 67.70% of the stock is owned by insiders.

Institutional Trading of Grindr

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. KLP Kapitalforvaltning AS bought a new stake in shares of Grindr in the fourth quarter worth $89,000. Norges Bank acquired a new position in Grindr in the fourth quarter valued at $6,035,000. Schroder Investment Management Group acquired a new position in shares of Grindr during the fourth quarter valued at about $212,000. Wells Fargo & Company MN raised its holdings in shares of Grindr by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 11,472 shares of the company's stock worth $205,000 after acquiring an additional 3,911 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Grindr by 31.9% in the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after acquiring an additional 642 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.