Grindr Inc. Director Nathan Richardson Sells Shares

Grindr Inc. (NYSE:GRND) Director Nathan Richardson executed a sale of 1,000 shares of the company's stock on March 14th. The shares were sold at an average price of $16.34, resulting in a total transaction value of $16,340. Following this sale, Richardson now holds 17,642 shares of the company, which are currently valued at approximately $288,270.28. This transaction marks a 5.36% decrease in his overall position within the firm. The details regarding the sale were disclosed in a filing with the Securities & Exchange Commission (SEC), which interested parties can review on the SEC's website.

In addition to this recent transaction, Nathan Richardson made another significant sale earlier this year. On January 14th, he sold another 1,000 shares of Grindr stock at an average price of $16.58, generating a total of $16,580.00 from that sale.

Stock Performance

On the trading day following Richardson's latest sale, Grindr's stock experienced an increase of 3.3%, closing at $16.94. A total of 2,262,334 shares exchanged hands during the day, which surpasses the company’s average trading volume of 1,609,715 shares. The stock's 50-day moving average is currently at $17.54, while the 200-day moving average stands at $15.25. Grindr Inc. boasts a market capitalization of approximately $2.99 billion, a price-to-earnings (P/E) ratio of -48.40, and a beta of 0.30. The company's stock has fluctuated within a range of $8.95 to $19.20 over the past year.

Analyst Recommendations

Recent evaluations from various equity analysts provide insight into Grindr's stock performance and investor outlook. Citigroup reaffirmed its 'outperform' rating on Grindr in a report published on March 6th. Similarly, Raymond James recognized the stock's potential with an 'outperform' rating in the same timeframe. JMP Securities offered a positive perspective as well, reiterating its 'market outperform' rating and setting a price target of $21.00 for the shares. Additionally, The Goldman Sachs Group commenced coverage on Grindr, assigning a 'buy' rating and a target price of $20.00. Overall, investment analysts rate Grindr with a consensus 'Buy' rating and predict an average price target of $19.75, according to data from MarketBeat.com.

Institutional Investment Activity

Changes in institutional investment have been notable, as several hedge funds and institutional investors adjusted their stakes in Grindr recently. For instance, Principal Financial Group Inc. acquired a new position in Grindr, investing around $365,000 in the third quarter. Aigen Investment Management LP and Victory Capital Management Inc. also bolstered their holdings, investing approximately $225,000 and $321,000, respectively, in the same period. Notably, Quest Partners LLC increased its position by 277.4%, now owning 48,375 shares valued at $577,000 after recent acquisitions. Meanwhile, Charles Schwab Investment Management Inc. raised its stake by 10.2%, totaling 191,686 shares worth about $2,287,000. Overall, institutional investors and hedge funds account for 7.22% of the company's total stock ownership.

Company Overview

Grindr Inc. operates a popular social networking and dating application geared towards the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. The platform facilitates connections among LGBTQ users, enabling them to share experiences, engage with one another, and express themselves. Grindr offers both an ad-supported service and a premium subscription option for users seeking additional features.

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