Nathan Richardson, a director at Grindr Inc. (NYSE:GRND), has sold 1,000 shares of the company's common stock, according to a recent SEC filing. The shares were sold on November 14 at a weighted average price of $14.44, amounting to a total transaction value of $14,440. Following this sale, Richardson holds 21,642 shares in the company. The sale was conducted under a Rule 10b5-1 trading plan, which Richardson adopted on May 15, 2024. The shares were sold in multiple transactions with prices ranging from $14.28 to $14.57.
In other recent news, Just Eat Takeaway has agreed to sell its U.S. division, Grubhub, to Wonder for $650 million. This decision reflects the company's strategy to streamline operations and focus on its primary markets amidst the intense competition in the meal delivery sector. The acquisition is anticipated to strengthen Wonder's foothold in the U.S. meal delivery market.
In a separate development, Grindr reported strong Q3 growth in its recent earnings call, with a 27% year-on-year increase in total revenue to $89 million. The company's adjusted EBITDA was $40 million, a 45% margin. Indirect revenue from advertising saw a 43% rise to $12 million. Grindr also raised its revenue growth guidance for the year to 29% or more, indicating robust future expectations. These recent developments provide investors with a snapshot of the evolving dynamics within these companies.
InvestingPro Insights
As Nathan Richardson reduces his stake in Grindr Inc. (NYSE:GRND), investors might be interested in the company's current financial position and market performance. According to InvestingPro data, Grindr's market capitalization stands at $2.61 billion, reflecting its significant presence in the online dating and social networking space.
The company has shown strong revenue growth, with a 31.79% increase in the last twelve months as of Q3 2024, reaching $319.1 million. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year. Despite this positive trend, another InvestingPro Tip suggests that analysts do not expect the company to be profitable this year, which is consistent with the reported negative earnings per share of -$0.30 for the same period.
Grindr's stock has demonstrated impressive performance, with a one-year price total return of 110.88% as of the latest data. This substantial gain is reflected in another InvestingPro Tip, which notes a high return over the last year. The stock is currently trading near its 52-week high, with the price at 97.17% of its peak.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. There are 13 more InvestingPro Tips available for Grindr, which could provide valuable context for understanding the company's financial health and market position.
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