Grindr (NYSE:GRND) Trading Up 5.7%

Grindr Inc. (NYSE:GRND)’s share price rose 5.7% during trading on Tuesday . The company traded as high as $10.17 and last traded at $10.14. Approximately 222,199 shares changed hands during trading, a decline of 50% from the average daily volume of 445,075 shares. The stock had previously closed at $9.59.

Analysts Set New Price Targets

GRND has been the subject of a number of analyst reports. Raymond James initiated coverage on shares of Grindr in a research report on Thursday, April 4th. They set an “outperform” rating and a $14.00 price objective for the company. JMP Securities upped their price objective on shares of Grindr from $14.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Thursday. Finally, TD Cowen initiated coverage on shares of Grindr in a research report on Thursday, March 28th. They set a “buy” rating and a $12.00 price objective for the company.

Grindr Price Performance

The stock’s fifty day moving average price is $9.77 and its 200-day moving average price is $9.29. The company has a debt-to-equity ratio of 13.21, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market cap of $2.08 billion, a PE ratio of -65.64 and a beta of 0.28.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. The business had revenue of $75.35 million during the quarter, compared to the consensus estimate 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 quarter last year, the firm posted ($0.19) EPS.

Insider Buying and Selling at Grindr

In other Grindr news, CEO George Arison sold 83,639 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $10.15, for a total transaction of $848,935.85. Following the completion of the transaction, the chief executive officer now directly owns 3,029,027 shares in the company, valued at approximately $30,744,624.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Grindr news, CEO George Arison sold 83,639 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $10.15, for a total transaction of $848,935.85. Following the sale, the chief executive officer now directly owns 3,029,027 shares of the company’s stock, valued at approximately $30,744,624.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Fu Bin Lu sold 1,000,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 37,708,301 shares in the company, valued at $377,083,010. The disclosure for this sale can be found here. In the last three months, insiders sold 1,778,172 shares of company stock worth $17,154,194. 78.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its stake in Grindr by 16.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after purchasing an additional 1,667 shares during the last quarter. New York State Common Retirement Fund increased its stake in Grindr by 11.7% during the fourth quarter. New York State Common Retirement Fund now owns 19,365 shares of the company’s stock valued at $170,000 after purchasing an additional 2,030 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Grindr during the first quarter valued at $209,000. Vanguard Group Inc. increased its stake in Grindr by 5.7% during the first quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock valued at $5,778,000 after purchasing an additional 30,574 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Grindr during the first quarter worth about $545,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

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.