Zachary Katz Sells 12,979 Shares of Grindr (NYSE:GRND) Stock

Key Points

• Zachary Katz sold 12,979 Grindr shares at an average price of $17.89, generating $232,194.31. The sale was made under a pre-arranged Rule 10b5-1 plan, leaving him with 690,172 shares.
• Grindr shares traded at $17.71, near their 52-week high of $18.69, with the stock’s 50-day and 200-day moving averages at $14.28 and $12.94, respectively. The company recently beat quarterly earnings and revenue estimates.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and an average price target of $19.20.

Grindr Inc. (NYSE:GRND - Get Free Report) insider Zachary Katz sold 12,979 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $17.89, for a total transaction of $232,194.31. Following the completion of the sale, the insider directly owned 690,172 shares of the company's stock, valued at $12,347,177.08. This represents a 1.85% decrease in their position. The transaction was disclosed in a document filed 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.

Zachary Katz also recently made the following trade(s):

• On Wednesday, July 1st, Zachary Katz sold 12,800 shares of Grindr stock. The stock was sold at an average price of $16.28, for a total transaction of $208,384.00.
• On Monday, June 29th, Zachary Katz sold 12,799 shares of Grindr stock. The shares were sold at an average price of $14.65, for a total transaction of $187,505.35.
• On Wednesday, June 17th, Zachary Katz sold 10,172 shares of Grindr stock. The shares were sold at an average price of $13.29, for a total value of $135,185.88.

Grindr Price Performance

NYSE:GRND traded down $0.23 during trading hours on Wednesday, reaching $17.71. 1,819,975 shares of the company were exchanged, compared to its average volume of 1,580,443. The business has a 50 day moving average of $14.28 and a 200 day moving average of $12.94. Grindr Inc. has a 1-year low of $9.73 and a 1-year high of $18.69. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $3.15 billion, a P/E ratio of 36.89 and a beta of 0.20.

Grindr (NYSE:GRND - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.01. The firm had revenue of $129.94 million during the quarter, compared to the consensus estimate of $119.42 million. Grindr had a return on equity of 123.31% and a net margin of 19.85%. Research analysts forecast that Grindr Inc. will post 0.59 EPS for the current year.

Hedge Funds Weigh In On Grindr

Several large investors have recently bought and sold shares of GRND. Caitong International Asset Management Co. Ltd bought a new stake in shares of Grindr during the third quarter worth about $26,000. EverSource Wealth Advisors LLC raised its holdings in Grindr by 1,473.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company's stock valued at $34,000 after buying an additional 1,385 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Grindr during the 2nd quarter worth approximately $39,000. CWM LLC boosted its position in Grindr by 713.8% during the 4th quarter. CWM LLC now owns 2,946 shares of the company's stock worth $40,000 after buying an additional 2,584 shares during the period. Finally, Rockefeller Capital Management L.P. acquired a new stake in Grindr during the 4th quarter worth approximately $45,000. 7.22% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GRND. Wall Street Zen downgraded shares of Grindr from a "buy" rating to a "hold" rating in a research note on Saturday. Morgan Stanley raised shares of Grindr from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $15.00 to $18.00 in a report on Wednesday, July 1st. TD Cowen reiterated a "buy" rating on shares of Grindr in a research report on Monday, June 1st. Weiss Ratings raised shares of Grindr from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Finally, Raymond James Financial restated an "outperform" rating and set a $18.00 price objective on shares of Grindr in a research report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.20.

Grindr Company Profile

Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.

Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.

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