Zachary Katz, the General Counsel and Head of Global Affairs at Grindr Inc. (NYSE:GRND), recently sold a portion of his holdings in the company. According to a recent SEC filing, Katz sold 3,058 shares of Grindr's common stock. The shares were sold at a weighted average price of $15.83, resulting in a total transaction value of approximately $48,408. The transaction comes as Grindr's stock has shown remarkable strength, delivering a 90% return over the past year and trading near its 52-week high of $16.31. InvestingPro data shows analysts maintain a positive outlook with price targets ranging from $18 to $21.
The sale was conducted under a Rule 10b5-1 trading plan, which Katz adopted on August 12, 2024. Following this transaction, Katz retains ownership of 583,664 shares in Grindr. The shares were sold in multiple transactions with prices ranging from $15.62 to $15.92.
This transaction is part of Katz's ongoing management of his portfolio as an executive at Grindr, a company known for its services in computer programming and data processing.
In other recent news, Grindr has reported a significant increase in total revenue and adjusted EBITDA for Q3 2024. The company's total revenue surged by 27% year-over-year, reaching $89 million, while the adjusted EBITDA stood at $40 million, a 45% margin. This growth was driven by the success of the Weekly Unlimited subscription and a surge in advertising demand, which saw indirect revenue climb by 43% to $12 million.
Grindr's user base also saw growth, with monthly active users growing by 8% to 14.6 million and paying users increasing by 15% to 1.11 million. The company's executives, CEO George Arison and CFO Vanna Krantz, have expressed optimism for the future, attributing the positive outlook to user engagement features and a refined ad strategy.
These recent developments have led Grindr to raise its revenue growth guidance for the year to 29% or more. The company is also focusing on enhancing user engagement, prioritizing this over immediate monetization for 2024. As part of its long-term growth strategy, Grindr is committed to maintaining high product quality and addressing user needs, including those seeking long-term relationships.
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