WEST HOLLYWOOD, CA – Grindr Inc. (NYSE:GRND) director Baer Daniel Brooks has sold shares in the company, a recent SEC filing shows. On June 16, 2023, Brooks parted with 1,500 shares of common stock at an average price of $6.0354, totaling approximately $9,053.
The transactions took place in multiple sales with prices ranging from $6.03 to $6.05 per share. Following these sales, Brooks continues to hold 20,372 shares of Grindr Inc. The filing noted that this disclosure was submitted late due to an inadvertent administrative error.
The sale comes amid the normal course of stock transactions by company executives and directors, which are regularly reported to the SEC. Grindr Inc., known for its namesake mobile app, is a player in the computer programming and data processing sector. The company, headquartered in West Hollywood, California, is incorporated in New York and operates under the technology umbrella of 06 Technology.
Investors and analysts often look to insider buying and selling as a signal of confidence or concern about the company's prospects, but such transactions can also be part of personal financial planning or portfolio management strategies.
Grindr Inc. has not issued any official statement regarding the transactions at this time. Interested parties have been advised that detailed information on the specific breakdown of sales prices is available upon request from the reporting person.
InvestingPro Insights
Grindr Inc. (NYSE:GRND), while experiencing insider sales, shows a compelling growth narrative according to recent data. The company's revenue has seen a notable increase, with a growth of 34.7% over the last twelve months as of Q1 2024. This growth trajectory is further emphasized by a quarterly revenue growth of 35.01% in Q1 2024, suggesting a consistent upward trend in the company's financial performance.
Despite not being profitable over the last twelve months, analysts on InvestingPro are optimistic about Grindr's future, predicting the company will reach profitability this year. This sentiment is reflected in the company's stock performance, with a robust return of 57.41% over the past year and a significant 44.22% uptick over the last six months. These figures underscore a strong market confidence in the company's direction.
Grindr's market capitalization currently stands at $1.8 billion, presenting a substantial size in its sector. The company operates with a moderate level of debt and has managed a gross profit margin of 74.12% over the last twelve months as of Q1 2024, which indicates efficient operational cost management relative to its revenue.
For those interested in deeper analysis, InvestingPro provides additional insights and metrics on Grindr Inc. With a range of valuation multiples and profitability indicators, users can explore how Grindr stacks up against its competitors. For a limited time, readers can use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are over 10 additional InvestingPro Tips available, which can aid investors in making informed decisions about their investments in Grindr Inc.
As the company prepares for its next earnings date on May 14, 2024, investors will be watching closely to see if these positive trends continue. The current fair value estimates from analysts stand at $14, which is higher than the InvestingPro fair value of $8.78, indicating a divergence in valuation perspectives that investors may want to consider.
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