Grindr (NYSE:GRND) Shares Down 3.6%

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

Analysts Set New Price Targets

Several research analysts recently issued reports on GRND shares. Raymond James upped their target price on shares of Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, June 27th. JMP Securities increased their price objective on Grindr from $14.00 to $17.00 and gave the company a “market outperform” rating in a research report on Thursday, June 27th. Finally, TD Cowen raised their price objective on Grindr from $12.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, June 27th.

Grindr Stock Up 0.2 %

The stock’s fifty day moving average price is $9.95 and its two-hundred day moving average price is $9.41.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. The firm had revenue of $75.35 million during 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 in the previous year, the business posted ($0.19) EPS. On average, research analysts predict that Grindr Inc. will post 0.21 earnings per share for the current year.

Insider Transactions at Grindr

In related news, CEO George Arison sold 2,931 shares of Grindr stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $10.00, for a total value of $29,310.00. Following the transaction, the chief executive officer now directly owns 3,022,666 shares of the company’s stock, valued at $30,226,660. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director James Fu Bin Lu sold 1,000,000 shares of Grindr stock in a transaction on 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 transaction, 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 can be accessed through this link. Also, CEO George Arison sold 2,931 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 1,781,103 shares of company stock worth $17,183,504. 76.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position in Grindr by 16.5% during the 1st 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 period. New York State Common Retirement Fund grew its position in shares of Grindr by 11.7% in the 4th quarter. New York State Common Retirement Fund now owns 19,365 shares of the company’s stock worth $170,000 after buying an additional 2,030 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Grindr in the 1st quarter worth about $209,000. GSA Capital Partners LLP purchased a new stake in shares of Grindr in the 1st quarter worth about $545,000. Finally, Jump Financial LLC purchased a new stake in shares of Grindr in the 4th quarter worth about $617,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.