Grindr (NYSE:GRND) Sets New 12-Month Low Following Insider Selling

Grindr Inc. (NYSE:GRND)’s share price hit a new 52-week low during trading on Wednesday following insider selling activity. The stock traded as low as $10.44 and last traded at $10.4850, with a volume of 3371474 shares trading hands. The stock had previously closed at $11.00.

Specifically, major shareholder James Fu Bin Lu sold 234,339 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $10.73, for a total transaction of $2,514,457.47. Following the sale, the insider directly owned 19,882,101 shares in the company, valued at $213,334,943.73. This trade represents a 1.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder James Fu Bin Lu sold 178,427 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $11.14, for a total value of $1,987,676.78. Following the completion of the transaction, the insider directly owned 20,116,440 shares of the company’s stock, valued at $224,097,141.60. The trade was a 0.88% decrease in their position. The SEC filing for this sale provides additional information. In other Grindr news, major shareholder James Fu Bin Lu sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $11.27, for a total value of $2,254,000.00. Following the sale, the insider directly owned 20,294,867 shares of the company’s stock, valued at approximately $228,723,151.09. This trade represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

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

Grindr Price Performance

The stock’s 50-day moving average price is $12.91 and its 200 day moving average price is $14.44. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.73. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -28.34 and a beta of 0.22.

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

Institutional Investors Weigh In On Grindr

Several hedge funds and other institutional investors have recently made changes to their positions in GRND. Y Intercept Hong Kong Ltd purchased a new position in Grindr in the second quarter worth approximately $1,832,000. Bryce Point Capital LLC acquired a new position in shares of Grindr in the 2nd quarter valued at $851,000. Tredje AP fonden acquired a new position in shares of Grindr in the 2nd quarter valued at $956,000. NINE MASTS CAPITAL Ltd purchased a new position in shares of Grindr during the 2nd quarter worth $7,171,000. Finally, Shaker Investments LLC OH acquired a new stake in shares of Grindr during the 2nd quarter worth about $992,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.