Grindr (NYSE:GRND) Trading Down 3.6%

Grindr Inc. (NYSE:GRND)’s share price dropped 3.6% during mid-day trading on Monday . The company traded as low as $11.77 and last traded at $11.80. Approximately 122,586 shares were traded during trading, a decline of 76% from the average daily volume of 516,835 shares. The stock had previously closed at $12.24.

Wall Street Analysts Forecast Growth

GRND has been the topic of a number of recent analyst reports. JMP Securities boosted their target price on Grindr from $14.00 to $17.00 and gave the stock a “market outperform” rating in a report on Thursday, June 27th. TD Cowen increased their target price on Grindr from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Finally, Raymond James increased their target price on Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, June 27th.

Grindr Stock Performance

The firm has a 50 day moving average of $9.95 and a 200 day moving average of $9.41.

Grindr (NYSE:GRND) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. The company had revenue of $75.35 million for the quarter, compared to analyst estimates of $72.60 million. Grindr had a negative net margin of 11.56% and a positive return on equity of 3,761.31%. During the same period last year, the firm earned ($0.19) earnings per share. Analysts forecast that Grindr Inc. will post 0.21 EPS for the current fiscal year.

Insider Buying and Selling at Grindr

In other news, Director James Fu Bin Lu sold 1,000,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $10.00, for a total value of $10,000,000.00. Following the sale, the director now directly owns 37,708,301 shares of the company’s stock, valued at $377,083,010. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Grindr news, CEO George Arison sold 2,931 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $10.00, for a total transaction of $29,310.00. Following the transaction, the chief executive officer now directly owns 3,022,666 shares in the company, valued at $30,226,660. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Fu Bin Lu sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $10.00, for a total transaction of $10,000,000.00. Following the completion of the transaction, the director now owns 37,708,301 shares in the company, valued at approximately $377,083,010. The disclosure for this sale can be found here. Insiders have sold a total of 1,781,103 shares of company stock valued at $17,183,504 over the last three months. 76.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Park West Asset Management LLC purchased a new stake in Grindr in the fourth quarter worth $1,652,000. Jump Financial LLC purchased a new stake in Grindr in the fourth quarter worth $617,000. GSA Capital Partners LLP purchased a new stake in Grindr in the first quarter worth $545,000. Vanguard Group Inc. lifted its stake in Grindr by 5.7% in the first quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock worth $5,778,000 after acquiring an additional 30,574 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Grindr in the first quarter worth $209,000. Institutional investors own 7.22% of the company’s stock.

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.