WEST HOLLYWOOD, CA—Zachary Katz, General Counsel and Head of Global Affairs at Grindr Inc. (NYSE:GRND), recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The transaction, which took place on November 13, 2024, involved the sale of 3,058 shares at a weighted average price of $14.30 per share, totaling approximately $43,729.
The sale was executed under a Rule 10b5-1 trading plan, which was adopted on August 12, 2024. These shares were sold in multiple transactions at prices ranging from $14.16 to $14.49. Following this transaction, Katz holds 586,722 shares of Grindr.
Grindr Inc., known for its popular social networking app, is headquartered in West Hollywood, California.
In other recent news, Just Eat Takeaway has agreed to sell its U.S. division, Grubhub, to Wonder for $650 million. This decision aligns with the company's strategic intent to streamline its operations and concentrate on its primary markets. The deal is expected to enhance Wonder's footprint in the U.S. meal delivery market and potentially broaden its services.
In parallel, Grindr has reported robust growth for the third quarter of 2024, with a 27% year-over-year increase in total revenue, reaching $89 million. The company's adjusted EBITDA stood at $40 million, marking a 45% margin. Key contributors to this growth include the success of the Weekly Unlimited subscription and a surge in advertising demand, leading to a 43% increase in indirect revenue.
Grindr has also raised its revenue growth guidance for the year to 29% or more, expressing optimism about its long-term growth prospects. These are recent developments in the respective companies, which reflect their ongoing strategic and financial progress.
InvestingPro Insights
Grindr Inc. (NYSE:GRND) has been experiencing significant growth and market attention, as reflected in both its financial metrics and stock performance. According to InvestingPro data, the company's revenue growth stands at an impressive 31.79% over the last twelve months as of Q3 2024, with quarterly revenue growth at 27.14%. This aligns with the InvestingPro Tip that analysts anticipate sales growth in the current year.
The company's stock has shown remarkable performance, with a 108.7% price total return over the past year and a 40.66% return over the last six months. This strong performance is highlighted by another InvestingPro Tip, which notes the high return over the last year and a large price uptick over the last six months.
Despite the positive revenue growth and stock performance, it's worth noting that Grindr is not currently profitable, as indicated by its negative P/E ratio of -63.66. This is consistent with the InvestingPro Tip stating that analysts do not anticipate the company will be profitable this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Grindr, providing a deeper understanding of the company's financial health and market position. These insights could be particularly valuable given the recent insider sale by the company's General Counsel and Head of Global Affairs.
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