Grindr (NYSE:GRND) Director George Raymond Zage III Sells 292,270 Shares of Stock

Key Points

• Director George Raymond Zage III sold 292,270 Grindr shares at an average price of $13.65, generating approximately $3.99 million. The Rule 10b5-1 transaction reduced his holdings by 3.94% to 7.13 million shares.
• Zage has also sold more than 700,000 additional shares since mid-September, while Grindr stock recently traded at $13.58—below its 50-day moving average of $15.86 and 12-month high of $18.50.
• Despite the insider selling and the company’s latest EPS miss, analysts maintain a generally positive outlook: Grindr has a consensus “Moderate Buy” rating and an average price target of $20.00.

Grindr Inc. (NYSE:GRND - Get Free Report) Director George Zage III sold 292,270 shares of the company's stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $13.65, for a total value of $3,989,485.50. Following the completion of the sale, the director owned 7,127,743 shares of the company's stock, valued at $97,293,691.95. This trade represents a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

George Raymond Zage III also recently made the following trade(s):

• On Thursday, October 1st, George Zage III sold 207,730 shares of Grindr stock. The shares were sold at an average price of $14.17, for a total value of $2,943,534.10.
• On Thursday, September 17th, George Zage III sold 166,400 shares of Grindr stock. The shares were sold at an average price of $15.41, for a total value of $2,564,224.00.
• On Wednesday, September 16th, George Zage III sold 333,600 shares of Grindr stock. The stock was sold at an average price of $15.62, for a total value of $5,210,832.00.

Grindr Stock Performance

Shares of GRND stock traded up $0.15 during trading hours on Monday, reaching $13.58. 1,561,008 shares of the company traded hands, compared to its average volume of 1,578,715. The firm has a 50-day moving average price of $15.86 and a 200 day moving average price of $14.25. The company has a market cap of $2.36 billion, a P/E ratio of 27.15 and a beta of 0.19. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.10 and a quick ratio of 1.10. Grindr Inc. has a 12-month low of $9.73 and a 12-month high of $18.50.

Grindr (NYSE:GRND - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). Grindr had a return on equity of 357.13% and a net margin of 18.75%.The firm had revenue of $138.14 million during the quarter, compared to analysts' expectations of $132.50 million. As a group, sell-side analysts predict that Grindr Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Grindr

Several hedge funds have recently bought and sold shares of GRND. Rockefeller Capital Management L.P. purchased a new position in shares of Grindr during the fourth quarter valued at about $45,000. Versant Capital Management Inc lifted its position in shares of Grindr by 53.8% in the third quarter. Versant Capital Management Inc now owns 3,825 shares of the company's stock worth $59,000 after buying an additional 1,338 shares in the last quarter. State of Wyoming bought a new position in Grindr during the second quarter valued at approximately $83,000. Susquehanna Fundamental Investments LLC purchased a new position in Grindr during the 2nd quarter valued at approximately $159,000. Finally, Abel Hall LLC purchased a new position in Grindr during the 1st quarter valued at approximately $175,000. Hedge funds and other institutional investors own 7.22% of the company's stock.

Wall Street Analysts Forecast Growth

GRND has been the topic of a number of analyst reports. The Goldman Sachs Group restated a "buy" rating and set a $19.00 target price on shares of Grindr in a research note on Friday, August 7th. Raymond James Financial reissued an "outperform" rating on shares of Grindr in a report on Friday, August 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Grindr in a research note on Friday, August 7th. Morgan Stanley reiterated an "overweight" rating on shares of Grindr in a research report on Tuesday, September 8th. Finally, Wall Street Zen downgraded Grindr from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Grindr has a consensus rating of "Moderate Buy" and an average target price of $20.00.

About Grindr

Grindr Inc operates a social networking and online dating platform designed primarily for the LGBTQ+ community. Its flagship Grindr app enables users to discover and connect with people nearby, create profiles, exchange messages, share photos, and use location-based features for social and dating purposes.

The company offers a free version of its service supported by advertising, along with paid subscription products that provide additional features, including expanded browsing and messaging capabilities.

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