Balyasny Asset Management L.P. Makes New $4.56 Million Investment in Grindr Inc. (NYSE:GRND)

Balyasny Asset Management L.P. bought a new stake in Grindr Inc. (NYSE:GRND - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 255,797 shares of the company's stock, valued at approximately $4,563,000. Balyasny Asset Management L.P. owned 0.14% of Grindr at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Grindr by 66.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company's stock valued at $2,772,000 after buying an additional 93,005 shares during the last quarter. Graypoint LLC acquired a new stake in Grindr in the 4th quarter valued at $1,211,000. First Trust Advisors LP lifted its holdings in Grindr by 11.7% in the fourth quarter. First Trust Advisors LP now owns 95,481 shares of the company's stock worth $1,703,000 after acquiring an additional 9,968 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Grindr by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company's stock valued at $944,000 after buying an additional 623 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Grindr by 140.5% during the fourth quarter. SG Americas Securities LLC now owns 155,893 shares of the company's stock valued at $2,781,000 after buying an additional 91,077 shares during the last quarter. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Grindr Price Performance

NYSE GRND traded down $0.25 during trading on Tuesday, reaching $23.74. 3,823,761 shares of the company's stock were exchanged, compared to its average volume of 1,051,965. Grindr Inc. has a fifty-two week low of $8.95 and a fifty-two week high of $24.85. The stock has a market capitalization of $4.94 billion, a P/E ratio of -67.83 and a beta of 0.28. The business has a 50 day moving average price of $19.15 and a 200-day moving average price of $17.48.

Grindr (NYSE:GRND - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. On average, analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on GRND shares. Citigroup reissued an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. JMP Securities reissued a "market outperform" rating and issued a $24.00 price target on shares of Grindr in a research report on Monday, April 21st. The Goldman Sachs Group increased their price target on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research note on Monday. Finally, Raymond James reaffirmed an "outperform" rating and issued a $26.00 price objective (up from $22.00) on shares of Grindr in a research note on Friday. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $23.25.

Insider Transactions at Grindr

In other news, insider Zachary Katz sold 3,058 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $16.23, for a total transaction of $49,631.34. Following the completion of the sale, the insider now owns 613,800 shares in the company, valued at $9,961,974. This trade represents a 0.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 5,058 shares of company stock worth $84,371. Corporate insiders own 76.40% of the company's stock.

Grindr Profile

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.