Algert Global LLC Has $591,000 Position in Grindr Inc. $GRND

Key Points

• Algert Global LLC reduced its stake in Grindr Inc. by 81.1%, owning 33,010 shares valued at $591,000 after selling 141,565 shares in the first quarter.
• The recent quarterly earnings results for Grindr showed an EPS of $0.08, below analyst expectations, and revenue of $104 million, indicating a 26.6% increase compared to the previous year.
• Analysts have given Grindr a consensus rating of "Buy" with a target price averaging $22.60, despite varying individual ratings and price targets from different firms.

Algert Global LLC lowered its holdings in shares of Grindr Inc. (NYSE:GRND - Free Report) by 81.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,010 shares of the company's stock after selling 141,565 shares during the period. Algert Global LLC's holdings in Grindr were worth $591,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GRND. Wells Fargo & Company MN boosted its holdings in shares of Grindr by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 11,472 shares of the company's stock valued at $205,000 after acquiring an additional 3,911 shares in the last quarter. Russell Investments Group Ltd. raised its position in Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after acquiring an additional 642 shares during the last quarter. Legal & General Group Plc raised its position in Grindr by 721.8% during the fourth quarter. Legal & General Group Plc now owns 22,673 shares of the company's stock worth $404,000 after acquiring an additional 19,914 shares during the last quarter. Barclays PLC grew its holdings in shares of Grindr by 30.4% during the fourth quarter. Barclays PLC now owns 94,647 shares of the company's stock worth $1,689,000 after buying an additional 22,067 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Grindr by 11.7% during the fourth quarter. First Trust Advisors LP now owns 95,481 shares of the company's stock worth $1,703,000 after buying an additional 9,968 shares in the last quarter. Hedge funds and other institutional investors own 7.22% of the company's stock.

Insider Activity

In other Grindr news, CFO Vandana Mehta-Krantz sold 56,611 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $23.47, for a total value of $1,328,660.17. Following the completion of the transaction, the chief financial officer directly owned 752,594 shares in the company, valued at $17,663,381.18. This trade represents a 7.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director J Michael Gearon, Jr. sold 249,700 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $24.44, for a total transaction of $6,102,668.00. Following the completion of the transaction, the director owned 6,090,959 shares of the company's stock, valued at approximately $148,863,037.96. The trade was a 3.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 438,367 shares of company stock worth $10,153,641. Corporate insiders own 67.70% of the company's stock.

Analysts Set New Price Targets

GRND has been the subject of a number of recent analyst reports. Citizens Jmp initiated coverage on shares of Grindr in a report on Monday, June 30th. They issued an "outperform" rating and a $27.00 target price for the company. JMP Securities reduced 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 reduced their target price 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 boosted their target price on shares of Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, Wall Street Zen cut shares of Grindr from a "buy" rating to a "hold" rating in a report on Sunday, August 17th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $22.60.

Grindr Price Performance

Grindr stock traded down $0.09 during trading hours on Friday, hitting $15.61. 1,348,144 shares of the company traded hands, compared to its average volume of 2,415,931. The firm has a market cap of $3.00 billion, a P/E ratio of -35.48 and a beta of 0.25. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.43. The firm's 50-day simple moving average is $18.99 and its two-hundred day simple moving average is $19.83. Grindr Inc. has a 1-year low of $11.47 and a 1-year high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last released its earnings results 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 for the quarter, compared to analyst estimates of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The firm's quarterly revenue was up 26.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.13) EPS. As a group, analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

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.