Adage Capital Partners GP L.L.C. Acquires Shares of 800,000 Grindr Inc. $GRND

Key Points

• Adage Capital Partners GP L.L.C. acquired 800,000 shares of Grindr Inc. for approximately $14.32 million, representing about 0.38% of the company's stock as of last quarter.
• Analyst price targets for Grindr shares have seen adjustments, with JMP Securities lowering their target from $27 to $23, while Goldman Sachs raised theirs from $20 to $26.
• Despite missing quarterly earnings estimates, Grindr reported a year-over-year revenue increase of 26.6% and a positive return on equity of 84.93%.

Adage Capital Partners GP L.L.C. acquired a new stake in Grindr Inc. (NYSE:GRND - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 800,000 shares of the company's stock, valued at approximately $14,320,000. Adage Capital Partners GP L.L.C. owned approximately 0.38% of Grindr at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in GRND. Nuveen LLC bought a new position in shares of Grindr in the first quarter valued at $20,049,000. Woodline Partners LP bought a new position in shares of Grindr in the fourth quarter valued at $7,436,000. Vanguard Group Inc. lifted its stake in shares of Grindr by 23.5% in the first quarter. Vanguard Group Inc. now owns 1,714,514 shares of the company's stock valued at $30,690,000 after buying an additional 325,996 shares in the last quarter. Voloridge Investment Management LLC lifted its stake in shares of Grindr by 251.8% in the fourth quarter. Voloridge Investment Management LLC now owns 451,000 shares of the company's stock valued at $8,046,000 after buying an additional 322,792 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Grindr by 1,984.5% in the fourth quarter. Deutsche Bank AG now owns 283,701 shares of the company's stock valued at $5,061,000 after buying an additional 270,091 shares in the last quarter. 7.22% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GRND has been the topic of a number of recent analyst reports. JMP Securities dropped their price target on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. Raymond James Financial dropped their price target on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. The Goldman Sachs Group raised their price target on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Citizens Jmp initiated coverage on shares of Grindr in a research report on Monday, June 30th. They set an "outperform" rating and a $27.00 price target on the stock. Finally, Wall Street Zen lowered shares of Grindr from a "buy" rating to a "hold" rating in a research report on Sunday, August 17th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $22.60.

Grindr Stock Performance

Shares of GRND stock opened at $15.29 on Friday. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of -34.74 and a beta of 0.24. The company has a debt-to-equity ratio of 1.43, a quick ratio of 2.48 and a current ratio of 2.48. Grindr Inc. has a 52 week low of $11.47 and a 52 week high of $25.13. The firm's 50-day simple moving average is $18.31 and its two-hundred day simple moving average is $19.73.

Grindr (NYSE:GRND - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $104.00 million during the quarter, compared to the consensus estimate of $104.40 million. Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The business's revenue was up 26.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.13) EPS. As a group, equities analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current year.

Insider Activity

In other Grindr news, CFO Vandana Mehta-Krantz sold 43,565 shares of Grindr stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $16.89, for a total value of $735,812.85. Following the sale, the chief financial officer owned 688,047 shares of the company's stock, valued at approximately $11,621,113.83. The trade was a 5.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Zachary Katz sold 14,693 shares of Grindr stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $19.25, for a total transaction of $282,840.25. Following the completion of the sale, the insider directly owned 595,112 shares in the company, valued at approximately $11,455,906. This represents a 2.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 169,235 shares of company stock worth $3,570,031. Insiders own 67.70% 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.

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