Zachary Katz Sells 7,644 Shares of Grindr (NYSE:GRND) Stock

Key Points

• Grindr's insider Zachary Katz sold 7,644 shares at an average price of $15.64 on September 15, resulting in a 1.36% decrease in his ownership.
• Grindr reported a Q2 earnings miss with $0.08 earnings per share, below the expected $0.10, and a year-over-year revenue increase of 26.6%.
• Wall Street analysts have mixed views on Grindr, with recent ratings being downgraded from "buy" to "hold" and average price targets varying, reflecting cautious sentiment in the market.

Grindr Inc. (NYSE:GRND - Get Free Report) insider Zachary Katz sold 7,644 shares of Grindr stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $15.64, for a total value of $119,552.16. Following the sale, the insider directly owned 555,984 shares in the company, valued at approximately $8,695,589.76. This trade represents a 1.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Thursday, July 24th, Zachary Katz sold 14,693 shares of Grindr stock. The shares were sold at an average price of $19.25, for a total transaction of $282,840.25.
• On Thursday, July 3rd, Zachary Katz sold 14,692 shares of Grindr stock. The stock was sold at an average price of $22.48, for a total transaction of $330,276.16.

Grindr Stock Performance

GRND stock traded up $0.14 during midday trading on Friday, hitting $16.00. 3,492,573 shares of the company traded hands, compared to its average volume of 1,808,653. The business has a 50 day simple moving average of $17.03 and a 200-day simple moving average of $19.59. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of -36.35 and a beta of 0.25. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.43. Grindr Inc. has a twelve month low of $11.51 and a twelve month high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The company had revenue of $104.00 million during the quarter, compared to the consensus estimate of $104.40 million. During the same quarter in the prior year, the company posted ($0.13) earnings per share. The company's revenue for the quarter was up 26.6% on a year-over-year basis. As a group, equities research analysts predict that Grindr Inc. will post 0.29 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on GRND shares. Citizens Jmp started coverage on Grindr in a research note on Monday, June 30th. They issued an "outperform" rating and a $27.00 target price on the stock. Raymond James Financial cut their price target on Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Wall Street Zen lowered shares of Grindr from a "buy" rating to a "hold" rating in a research note on Sunday, August 17th. Finally, JMP Securities dropped their target price on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $22.60.

Institutional Investors Weigh In On Grindr

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Grindr by 23.5% in the 1st quarter. Vanguard Group Inc. now owns 1,714,514 shares of the company's stock worth $30,690,000 after acquiring an additional 325,996 shares in the last quarter. Bank of America Corp DE increased its stake in Grindr by 93.5% during the 2nd quarter. Bank of America Corp DE now owns 1,259,449 shares of the company's stock valued at $28,589,000 after purchasing an additional 608,554 shares in the last quarter. Nuveen LLC purchased a new position in shares of Grindr in the first quarter worth $20,049,000. Bwcp LP raised its holdings in shares of Grindr by 61.8% in the first quarter. Bwcp LP now owns 1,096,586 shares of the company's stock worth $19,629,000 after buying an additional 418,994 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its stake in shares of Grindr by 7.7% during the first quarter. Lord Abbett & CO. LLC now owns 1,049,011 shares of the company's stock worth $18,777,000 after buying an additional 74,703 shares during the period. Hedge funds and other 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.