Insider Selling: Grindr (NYSE:GRND) Director Sells $4,532,500.00 in Stock

Grindr Inc. (NYSE:GRND) Director James Fu Bin Lu sold 350,000 shares of the business’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $12.95, for a total value of $4,532,500.00. Following the transaction, the director directly owned 24,938,867 shares of the company’s stock, valued at $322,958,327.65. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

James Fu Bin Lu also recently made the following trade(s):

• On Wednesday, October 15th, James Fu Bin Lu sold 400,000 shares of Grindr stock. The shares were sold at an average price of $12.96, for a total value of $5,184,000.00.
• On Friday, October 10th, James Fu Bin Lu sold 300,000 shares of Grindr stock. The shares were sold at an average price of $11.94, for a total value of $3,582,000.00.
• On Thursday, October 9th, James Fu Bin Lu sold 1,000,000 shares of Grindr stock. The stock was sold at an average price of $13.15, for a total transaction of $13,150,000.00.

Grindr Stock Up 1.9%

Shares of NYSE:GRND opened at $12.97 on Friday. Grindr Inc. has a fifty-two week low of $11.73 and a fifty-two week high of $25.13. The firm’s 50 day moving average price is $15.17 and its 200 day moving average price is $19.15. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.43. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of -29.48 and a beta of 0.23.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $104.00 million during the quarter, compared to analysts’ expectations of $104.40 million. During the same period 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 fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in Grindr in the first quarter valued at approximately $197,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Grindr by 5.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 97,716 shares of the company’s stock valued at $1,808,000 after acquiring an additional 5,265 shares during the period. GAMMA Investing LLC raised its position in Grindr by 45.5% in the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock valued at $38,000 after purchasing an additional 662 shares during the last quarter. Deutsche Bank AG boosted its stake in Grindr by 42.0% during the 1st quarter. Deutsche Bank AG now owns 402,822 shares of the company’s stock worth $7,211,000 after purchasing an additional 119,121 shares during the period. Finally, Rhumbline Advisers grew its position in Grindr by 3.0% during the 1st quarter. Rhumbline Advisers now owns 43,043 shares of the company’s stock worth $770,000 after purchasing an additional 1,272 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wall Street Zen cut Grindr from a “buy” rating to a “hold” rating in a research note on Saturday. Raymond James Financial dropped their price objective on Grindr from $26.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Citizens Jmp assumed coverage on Grindr in a research note on Monday, June 30th. They set an “outperform” rating and a $27.00 target price for the company. JMP Securities lowered their price target on Grindr from $27.00 to $23.00 and set a “market outperform” rating for the company in a report on Monday, August 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Grindr in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Grindr currently has an average rating of “Moderate Buy” and a consensus target price of $22.60.

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.