Grindr (NYSE:GRND) Director George Raymond Zage III Sells 350,000 Shares of Stock

Key Points

• Grindr director George Raymond Zage III sold 350,000 shares at an average price of $14.23, generating approximately $4.98 million. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his direct holdings by 4.91% to 6.78 million shares.
• Zage has made several additional Grindr sales since mid-September, including 150,000 shares on October 19, bringing the disclosed recent sales to more than 1.5 million shares.
• Grindr shares recently traded near $14.06, while analysts maintain a “Moderate Buy” consensus with a $20 average price target. The company’s latest quarterly EPS of $0.10 missed estimates, though revenue exceeded expectations.

Grindr Inc. (NYSE:GRND - Get Free Report) Director George Zage III sold 350,000 shares of the stock in a transaction on Friday, October 16th. The shares were sold at an average price of $14.23, for a total value of $4,980,500.00. Following the sale, the director directly owned 6,777,743 shares in the company, valued at approximately $96,447,282.89. The trade was a 4.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Monday, October 19th, George Zage III sold 150,000 shares of Grindr stock. The shares were sold at an average price of $13.87, for a total transaction of $2,080,500.00.
• On Friday, October 2nd, George Zage III sold 292,270 shares of Grindr stock. The shares were sold at an average price of $13.65, for a total transaction of $3,989,485.50.
• 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 transaction of $2,943,534.10.
• On Thursday, September 17th, George Zage III sold 166,400 shares of Grindr stock. The stock was sold at an average price of $15.41, for a total transaction 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 transaction of $5,210,832.00.

Grindr Trading Down 0.4%

Shares of NYSE GRND traded down $0.05 during midday trading on Tuesday, reaching $14.06. 1,501,510 shares of the stock were exchanged, compared to its average volume of 1,588,991. The stock has a 50 day moving average price of $15.33 and a 200-day moving average price of $14.42. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 442.30. The company has a market capitalization of $2.44 billion, a P/E ratio of 28.12 and a beta of 0.19. Grindr Inc. has a 52-week low of $9.73 and a 52-week high of $18.50.

Grindr (NYSE:GRND - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $138.14 million for the quarter, compared to analysts' expectations of $132.50 million. Grindr had a net margin of 18.75% and a return on equity of 357.13%. Equities research analysts expect that Grindr Inc. will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Grindr

A number of large investors have recently bought and sold shares of GRND. Emmett Investment Management LP acquired a new stake in Grindr during the 1st quarter worth approximately $3,702,000. Canada Pension Plan Investment Board purchased a new stake in Grindr during the second quarter worth approximately $1,631,000. Tikvah Management LLC grew its stake in Grindr by 8.1% during the second quarter. Tikvah Management LLC now owns 1,463,720 shares of the company's stock worth $21,034,000 after buying an additional 109,100 shares during the period. Quantinno Capital Management LP increased its position in shares of Grindr by 194.0% in the first quarter. Quantinno Capital Management LP now owns 117,998 shares of the company's stock worth $1,427,000 after acquiring an additional 77,867 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in shares of Grindr in the 2nd quarter valued at $1,975,000. Hedge funds and other institutional investors own 7.22% of the company's stock.

Analyst Upgrades and Downgrades

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

About Grindr

Grindr Inc NYSE: GRND operates a social networking and dating platform designed primarily for the LGBTQ+ community. Its mobile application helps users discover and connect with people nearby, communicate through messaging, and build social and dating relationships.

The company offers a free, advertising-supported version of its app along with subscription services that provide additional features, including expanded browsing and communication capabilities. Grindr also provides related digital products and services intended to support user interaction and engagement on its platform.

Founded in 2009, Grindr serves users in markets around the world and has developed one of the largest global LGBTQ+ social networking communities.

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