Alberta Investment Management Corp bought a new stake in Grindr Inc. (NYSE:GRND - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 550,000 shares of the company's stock, valued at approximately $7,904,000. Alberta Investment Management Corp owned approximately 0.31% of Grindr at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new position in Grindr in the 3rd quarter valued at $26,000. EverSource Wealth Advisors LLC increased its stake in Grindr by 1,473.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company's stock valued at $34,000 after purchasing an additional 1,385 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Grindr in the second quarter valued at $39,000. CWM LLC lifted its position in Grindr by 713.8% during the fourth quarter. CWM LLC now owns 2,946 shares of the company's stock worth $40,000 after buying an additional 2,584 shares during the period. Finally, Rockefeller Capital Management L.P. purchased a new position in Grindr during the fourth quarter worth about $45,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
GRND has been the subject of a number of research analyst reports. Raymond James Financial reaffirmed an "outperform" rating on shares of Grindr in a research note on Friday, August 7th. The Goldman Sachs Group restated a "buy" rating and issued a $19.00 target price on shares of Grindr in a report on Friday, August 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Grindr in a research report on Friday, August 7th. Morgan Stanley reaffirmed an "overweight" rating and set a $20.00 price target on shares of Grindr in a research report on Friday, August 7th. Finally, TD Cowen reiterated a "buy" rating on shares of Grindr in a report on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $20.00.
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Grindr Trading Down 0.5%
Shares of GRND stock opened at $15.93 on Monday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 442.30. Grindr Inc. has a fifty-two week low of $9.73 and a fifty-two week high of $18.50. The firm's 50 day moving average price is $15.02 and its two-hundred day moving average price is $13.18. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of 31.86 and a beta of 0.20.
Grindr (NYSE:GRND - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.10 earnings per share (EPS) 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 analyst estimates of $132.50 million. On average, analysts anticipate that Grindr Inc. will post 0.51 EPS for the current year.
Insider Buying and Selling
In other Grindr news, insider Zachary Katz sold 12,979 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were 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 of the company's stock, valued at $12,347,177.08. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 48,750 shares of company stock worth $763,270. Insiders own 60.90% of the company's stock.
Grindr Profile
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Free Report)
Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.
Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.
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