James Lu, a director and significant shareholder of Grindr Inc. (NYSE:GRND), has sold a substantial amount of company stock worth over $2.8 million. The transactions occurred on two separate dates, with stock prices ranging between $9.31 and $9.63 per share.
On May 17, 2024, Lu sold 94,634 shares at a weighted average price of $9.4762, which amounted to a total of approximately $897,000. A few days later, on May 20, Lu executed another sale of 212,605 shares at a weighted average price of $9.3761, totaling nearly $2 million. The sales were part of the partial repayment of a term loan for which the shares were pledged.
Following these transactions, reports indicate that Lu still retains a significant holding of 37,098,572 shares in Grindr Inc. These shares are held indirectly through Longview Capital SVH LLC, a Washington limited liability company where Lu exercises voting and investment power. It should be noted that Lu has disclaimed beneficial ownership of these securities except to the extent of his pecuniary interest.
Investors and followers of Grindr Inc. may be interested in these transactions as they provide insight into the actions of the company's insiders. The sale of such a large number of shares by a director could be seen as a notable event in the company's financial narrative.
James Lu has confirmed that the shares sold were part of multiple transactions, and he has agreed to provide full information regarding the number of shares sold at each separate price within the stated range upon request. The sales were disclosed in a regulatory filing with the Securities and Exchange Commission, detailing the changes in beneficial ownership of Grindr Inc.'s securities.
InvestingPro Insights
Grindr Inc. (NYSE:GRND) has experienced notable volatility in its stock performance, with a significant decline of 8.76% over the past week. Despite this recent downturn, the company has delivered a robust one-year price total return of 57.74%, indicating a strong performance over a longer period. Investors considering Grindr's stock should be aware of this short-term fluctuation against the backdrop of its impressive annual growth.
Financial metrics from InvestingPro reveal a company that is trading at a high valuation multiple, with a Price/Earnings (P/E) ratio of -51.08, and even more pronounced when adjusted for the last twelve months as of Q1 2024, at -82.81. This suggests that investors are expecting significant future growth, which is corroborated by the company's revenue growth of 34.7% over the last twelve months. This growth narrative aligns with one of the InvestingPro Tips indicating that the company is expected to become profitable this year.
For investors looking to delve deeper into Grindr Inc.'s financials and performance indicators, there are additional InvestingPro Tips available. These insights can provide further clarity on the company's debt levels, valuation multiples, and profitability. Interested readers can explore these tips and more by visiting InvestingPro, and they can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 10 InvestingPro Tips on Grindr Inc. available for review, offering a comprehensive analysis for informed investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.