Grindr Target of Unusually Large Options Trading (NYSE:GRND)

Key Points

• Grindr Inc. experienced a significant increase in put options trading, with 10,736 contracts purchased, marking a 424% rise compared to the average volume.
• Insider trading activity included Director Daniel Brooks Baer selling 2,435 shares for approximately $58,440, reducing his ownership stake by 8.98%.
• Analysts at Wall Street Zen upgraded Grindr from "buy" to "strong-buy," while several firms have increased their price targets for the stock, indicating positive market sentiment.

Grindr Inc. (NYSE:GRND - Get Free Report) was the recipient of some unusual options trading activity on Friday. Stock investors acquired 10,736 put options on the company. Thisisanincreaseof424% compared to the average daily volume of 2,050 put options.

Analyst Upgrades and Downgrades

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

Grindr Stock Down 3.5%

GRND traded down $0.59 during trading on Tuesday, reaching $16.35. The stock had a trading volume of 1,932,321 shares, compared to its average volume of 1,806,013. Grindr has a one year low of $11.39 and a one year high of $25.13. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of -37.22 and a beta of 0.25. The stock's 50 day moving average is $20.99 and its two-hundred day moving average is $20.05. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.85.

Grindr (NYSE:GRND - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.08 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 132.07% and a negative net margin of 14.41%. The firm's quarterly revenue was up 26.6% compared to the same quarter last year. During the same period last year, the business earned ($0.13) EPS. As a group, analysts expect that Grindr will post 0.29 earnings per share for the current year.

Insider Transactions at Grindr

In related news, CFO Vandana Mehta-Krantz sold 20,982 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $22.18, for a total transaction of $465,380.76. Following the completion of the sale, the chief financial officer owned 731,612 shares in the company, valued at $16,227,154.16. This trade represents a 2.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel Brooks Baer sold 2,435 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $24.00, for a total transaction of $58,440.00. Following the completion of the sale, the director owned 24,693 shares of the company's stock, valued at $592,632. The trade was a 8.98% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,376,922 shares of company stock worth $80,701,035. 67.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GRND. XTX Topco Ltd lifted its position in shares of Grindr by 2.8% in the first quarter. XTX Topco Ltd now owns 17,036 shares of the company's stock valued at $305,000 after acquiring an additional 459 shares in the last quarter. CWM LLC grew its stake in Grindr by 28.7% during the 2nd quarter. CWM LLC now owns 2,476 shares of the company's stock worth $56,000 after purchasing an additional 552 shares in the last quarter. Russell Investments Group Ltd. grew 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 worth $47,000 after purchasing an additional 642 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock worth $38,000 after buying an additional 662 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Grindr by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company's stock valued at $517,000 after purchasing an additional 762 shares during the last quarter. 7.22% of the stock is owned by institutional investors and hedge funds.

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.