Grindr (NYSE:GRND) Director Daniel Brooks Baer Sells 3,500 Shares of Stock

Grindr Inc. (NYSE:GRND) Director Daniel Brooks Baer sold 3,500 shares of Grindr stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $15.65, for a total value of $54,775.00. Following the sale, the director directly owned 47,912 shares of the company’s stock, valued at approximately $749,822.80. The trade was a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Grindr Trading Down 0.4%

Shares of NYSE GRND opened at $15.59 on Friday. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 31.18 and a beta of 0.20. The business has a 50 day simple moving average of $15.44 and a 200 day simple moving average of $13.32. Grindr Inc. has a 52 week low of $9.73 and a 52 week high of $18.50. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.10 and a current ratio of 1.10.

Grindr (NYSE:GRND) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). Grindr had a return on equity of 357.13% and a net margin of 18.75%.The business had revenue of $138.14 million during the quarter, compared to the consensus estimate of $132.50 million. On average, research analysts predict that Grindr Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GRND. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Grindr by 2.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock valued at $517,000 after acquiring an additional 762 shares during the period. The Manufacturers Life Insurance Company increased its position in Grindr by 8.0% during the second quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock worth $332,000 after acquiring an additional 1,086 shares during the period. Caitong International Asset Management Co. Ltd increased its position in Grindr by 69.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company’s stock worth $40,000 after acquiring an additional 1,227 shares during the period. Vident Advisory LLC raised its stake in Grindr by 2.6% during the 4th quarter. Vident Advisory LLC now owns 50,616 shares of the company’s stock valued at $685,000 after purchasing an additional 1,271 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after purchasing an additional 1,385 shares during the last quarter. 7.22% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on GRND. Morgan Stanley reaffirmed an “overweight” rating and set a $20.00 target price on shares of Grindr in a research report on Friday, August 7th. Wall Street Zen lowered shares of Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. The Goldman Sachs Group restated a “buy” rating and issued a $19.00 price objective on shares of Grindr in a research note on Friday, August 7th. TD Cowen reiterated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Grindr in a report on Friday, August 7th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

About Grindr

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.