Grindr (NYSE:GRND) Hits New 52-Week Low Following Insider Selling

Grindr Inc. (NYSE:GRND) shares hit a new 52-week low on Friday after an insider sold shares in the company. The company traded as low as $11.67 and last traded at $11.92, with a volume of 280017 shares. The stock had previously closed at $11.98.

Specifically, major shareholder James Fu Bin Lu sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $11.98, for a total value of $2,396,000.00. Following the transaction, the insider directly owned 21,133,867 shares of the company’s stock, valued at approximately $253,183,726.66. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder James Fu Bin Lu sold 200,000 shares of the company’s stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $12.06, for a total value of $2,412,000.00. Following the completion of the sale, the insider directly owned 21,533,867 shares of the company’s stock, valued at approximately $259,698,436.02. This trade represents a 0.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Analyst Upgrades and Downgrades

GRND has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grindr in a research note on Monday, December 29th. Wall Street Zen lowered shares of Grindr from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Finally, Citizens Jmp dropped their price objective on Grindr from $23.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Monday, November 10th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $22.50.

Grindr Trading Down 0.1%

The stock has a market cap of $2.21 billion, a price-to-earnings ratio of -32.34 and a beta of 0.23. The business has a 50-day simple moving average of $13.20 and a two-hundred day simple moving average of $15.02. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.82 and a current ratio of 0.82.

Grindr (NYSE:GRND) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.12 by $0.04. Grindr had a negative net margin of 11.99% and a positive return on equity of 80.21%. The firm had revenue of $115.77 million for the quarter, compared to analysts’ expectations of $113.53 million. During the same period in the previous year, the firm posted $0.09 EPS. The company’s revenue for the quarter was up 29.6% on a year-over-year basis. As a group, research analysts forecast that Grindr Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Grindr

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new position in shares of Grindr during the 3rd quarter worth about $26,000. EverSource Wealth Advisors LLC increased its position in Grindr by 1,473.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after buying an additional 1,385 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Grindr in the second quarter valued at approximately $39,000. CWM LLC raised its stake in Grindr by 28.7% in the second quarter. CWM LLC now owns 2,476 shares of the company’s stock valued at $56,000 after buying an additional 552 shares during the period. Finally, Aster Capital Management DIFC Ltd lifted its position in shares of Grindr by 190.7% in the third quarter. Aster Capital Management DIFC Ltd now owns 3,793 shares of the company’s stock valued at $57,000 after buying an additional 2,488 shares during the last quarter. 7.22% of the stock is owned by institutional investors.

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.