331,140 Shares in Grindr Inc. $GRND Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 331,140 Grindr shares during the second quarter, valued at approximately $4.76 million and representing about 0.19% of the company. Institutional investors collectively own 7.22% of Grindr.
• Grindr reported quarterly revenue of $138.14 million, exceeding estimates, but earnings per share of $0.10 missed the $0.16 consensus forecast. The stock opened at $15.65, compared with a 12-month range of $9.73 to $18.50.
• Analyst sentiment remains favorable, with five Buy ratings and one Hold rating and an average price target of $20.00, although insiders sold 529,279 shares worth approximately $8.27 million over the past three months.

Bank of America Corp DE purchased a new position in Grindr Inc. (NYSE:GRND - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 331,140 shares of the company's stock, valued at approximately $4,758,000. Bank of America Corp DE owned approximately 0.19% of Grindr as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rockefeller Capital Management L.P. bought a new position in Grindr during the 4th quarter valued at approximately $45,000. State of Wyoming bought a new stake in Grindr in the second quarter worth $83,000. Jupiter Topco LLC purchased a new stake in shares of Grindr in the second quarter worth $183,000. Alpine Global Management LLC bought a new position in shares of Grindr during the fourth quarter valued at $181,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Grindr during the second quarter valued at $199,000. Hedge funds and other institutional investors own 7.22% of the company's stock.

Grindr Price Performance

Shares of NYSE:GRND opened at $15.65 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 442.30. The stock has a market capitalization of $2.72 billion, a PE ratio of 31.29 and a beta of 0.19. The firm's 50 day moving average price is $15.86 and its 200-day moving average price is $14.18. Grindr Inc. has a twelve month low of $9.73 and a twelve month high of $18.50.

Grindr (NYSE:GRND - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.06). Grindr had a return on equity of 357.13% and a net margin of 18.75%.The business had revenue of $138.14 million during the quarter, compared to the consensus estimate of $132.50 million. Equities research analysts expect that Grindr Inc. will post 0.51 EPS for the current year.

Insider Activity at Grindr

In other Grindr news, insider Zachary Katz sold 12,979 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $17.89, for a total value of $232,194.31. Following the completion of the sale, the insider owned 690,172 shares in the company, valued at $12,347,177.08. This represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel Baer sold 3,500 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $15.65, for a total value of $54,775.00. Following the transaction, the director owned 47,912 shares of the company's stock, valued at approximately $749,822.80. This trade represents a 6.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 529,279 shares of company stock worth $8,270,409. Corporate insiders own 60.90% of the company's stock.

Analyst Upgrades and Downgrades

GRND has been the subject of several recent analyst reports. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $19.00 target price on shares of Grindr in a report on Friday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Grindr in a report on Friday, August 7th. Wall Street Zen downgraded Grindr from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. TD Cowen restated a "buy" rating on shares of Grindr in a research note on Monday, June 1st. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Grindr in a report on Tuesday, September 8th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Grindr has an average rating of "Moderate Buy" and an average price target of $20.00.

Grindr Company Profile

Grindr Inc operates a global social networking and online dating platform designed primarily for LGBTQ+ adults. Its mobile application helps users discover, connect and communicate with people nearby and in other locations, supporting social interaction, dating and community engagement.

The company generates revenue through subscription offerings, in-app purchases and advertising. Its products and services include enhanced app features, messaging and discovery tools, and digital experiences intended to provide users with greater control over how they connect and interact on the platform.

Grindr was founded in 2009 by Joel Simkhai and has expanded its service internationally, with users in markets across North America, Europe, Latin America, Asia-Pacific and other regions.

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