Grindr (NYSE:GRND) Shares Down 8.4% After Insider Selling

Grindr Inc. (NYSE:GRND)’s share price traded down 8.4% during trading on Tuesday following insider selling activity. The stock traded as low as $12.19 and last traded at $12.12. 1,347,471 shares were traded during trading, a decline of 29% from the average session volume of 1,888,089 shares. The stock had previously closed at $13.24.

Specifically, Director James Fu Bin Lu sold 1,000,000 shares of Grindr stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $13.15, for a total value of $13,150,000.00. Following the sale, the director owned 25,588,867 shares of the company’s stock, valued at $336,493,601.05. This trade represents a 3.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

GRND has been the subject of a number of research reports. Citizens Jmp started coverage on Grindr in a report on Monday, June 30th. They set an “outperform” rating and a $27.00 price objective for the company. Wall Street Zen raised shares of Grindr from a “hold” rating to a “buy” rating in a research note on Saturday, October 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Grindr in a research report on Wednesday, October 8th. JMP Securities reduced 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, August 11th. Finally, Raymond James Financial lowered their price target on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.60.

Grindr Trading Down 3.9%

The company has a market cap of $2.44 billion, a P/E ratio of -28.93 and a beta of 0.23. The company has a current ratio of 2.48, a quick ratio of 2.48 and a debt-to-equity ratio of 1.43. The business has a 50 day moving average price of $15.45 and a 200-day moving average price of $19.27.

Grindr (NYSE:GRND) last issued its earnings results on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The firm had revenue of $104.00 million for the quarter, compared to analyst estimates of $104.40 million. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. Grindr’s quarterly revenue was up 26.6% on a year-over-year basis. Analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Grindr

Several hedge funds have recently bought and sold shares of the company. Voya Investment Management LLC increased its position in Grindr by 81.2% during the third quarter. Voya Investment Management LLC now owns 243,824 shares of the company’s stock worth $3,662,000 after buying an additional 109,250 shares during the last quarter. Osaic Holdings Inc. boosted its stake in shares of Grindr by 749.0% during the 2nd quarter. Osaic Holdings Inc. now owns 6,486 shares of the company’s stock worth $147,000 after acquiring an additional 5,722 shares during the period. Orion Porfolio Solutions LLC increased its holdings in shares of Grindr by 190.6% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 66,908 shares of the company’s stock worth $1,519,000 after acquiring an additional 43,886 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Grindr by 171.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,321 shares of the company’s stock valued at $166,000 after acquiring an additional 4,621 shares during the period. Finally, Florida Financial Advisors LLC acquired a new stake in Grindr during the 2nd quarter valued at $561,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

About Grindr

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.