Nathan Richardson, a director at Grindr Inc. (NYSE:GRND), recently sold 1,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $12.68 each, totaling $12,680. This transaction was conducted under a Rule 10b5-1 trading plan, which was adopted on May 15, 2024. Following this sale, Richardson holds 32,642 shares of Grindr.
In other recent news, Grindr Inc. has announced changes to its executive compensation arrangements, specifically for Chief Product Officer Austin "AJ" Balance. The changes include new long-term equity incentive awards designed to align Balance's incentives with the company's goals and stockholder interests. Balance has been awarded time-based restricted stock units (RSUs) for 200,000 shares of Grindr's common stock, set to vest in 2028. Additionally, Balance is eligible for a performance-based RSU award for another 200,000 shares, contingent on the company's average market capitalization exceeding $5 billion over a 90-day trading period.
In other developments, Grindr has expanded its 2022 Equity Incentive Plan by 2,860,300 shares following stockholder approval. The company's annual meeting resulted in the election of eight directors to the board and the ratification of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Analyst firms Raymond James and TD Cowen have given positive feedback on Grindr's recent performance and future plans, maintaining an Outperform and Buy rating respectively. Lastly, Grindr's Q1 2024 earnings call revealed significant revenue growth and an increase in adjusted EBITDA, with the company raising its 2024 revenue forecast to at least a 25% growth.
Guardian Pharmacy successfully raised $112 million in an initial public offering (IPO) in the United States, placing its market value at approximately $869.3 million. The company reported a significant increase in revenue in 2023, up from $908.9 million the previous year to $1.05 billion. However, the company's net profit for 2023 was $37.7 million, a decrease from $49.7 million in the previous year. The IPO was underwritten by Raymond James, Stephens, and Truist Securities.
InvestingPro Insights
As Nathan Richardson reduces his stake in Grindr Inc. (NYSE:GRND), investors might be curious about the company's current financial standing and market performance. According to InvestingPro data, Grindr's market capitalization stands at $2.27 billion, reflecting its significant presence in the dating app industry.
The company has shown impressive growth, with revenue increasing by 34.98% over the last twelve months to $300.03 million. This robust top-line expansion is complemented by a strong gross profit margin of 74.29%, indicating efficient cost management in its core operations.
InvestingPro Tips highlight that Grindr has experienced a high return over the last year, with the stock price soaring 120.69% in the past 12 months. This performance aligns with the company's revenue growth and may explain why the stock is trading near its 52-week high, with the current price at 96.83% of that peak.
Despite the positive growth indicators, it's worth noting that Grindr is not currently profitable, as pointed out by one of the InvestingPro Tips. This suggests that while the company is expanding its user base and revenue, it's still focusing on growth over profitability in the near term.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Grindr, providing a deeper dive into the company's financial health and market position. These insights could be particularly valuable given the recent insider sale and the company's current growth trajectory.
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