Bank of America Corp DE Sells 644,390 Shares of Grindr Inc. $GRND

Key Points

• Bank of America cut its Grindr stake by 56.4% in the first quarter, selling 644,390 shares and retaining 499,024 shares worth approximately $6.0 million. Institutional investors collectively own 7.22% of GRND.
• Grindr insiders sold 52,250 shares worth $818,045 over the past 90 days, although insiders still hold 60.90% of the company. The disclosed sales were made under pre-arranged Rule 10b5-1 trading plans.
• Grindr exceeded quarterly revenue expectations with $138.14 million but missed earnings estimates, reporting $0.10 per share versus the expected $0.16. Analysts remain broadly positive, with a “Moderate Buy” consensus and a $20 average price target versus the stock’s $15.79 opening price.

Bank of America Corp DE lessened its holdings in Grindr Inc. (NYSE:GRND - Free Report) by 56.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 499,024 shares of the company's stock after selling 644,390 shares during the quarter. Bank of America Corp DE owned about 0.28% of Grindr worth $6,033,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Grindr in the third quarter worth approximately $26,000. EverSource Wealth Advisors LLC lifted its stake in shares of Grindr by 1,473.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company's stock worth $34,000 after purchasing an additional 1,385 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Grindr during the 2nd quarter worth $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 valued at $40,000 after purchasing an additional 2,584 shares in the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new stake in Grindr in the 4th quarter worth approximately $45,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Grindr

In other news, Director Daniel Brooks Baer sold 3,500 shares of the company's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $15.65, for a total value of $54,775.00. Following the sale, the director owned 47,912 shares in the company, valued at $749,822.80. This represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a 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. Also, insider Zachary Katz sold 12,979 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $17.89, for a total transaction of $232,194.31. Following the sale, the insider directly owned 690,172 shares in the company, valued at $12,347,177.08. The trade was a 1.85% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 52,250 shares of company stock worth $818,045 in the last 90 days. Company insiders own 60.90% of the company's stock.

Grindr Stock Performance

GRND opened at $15.79 on Thursday. The firm's 50-day moving average price is $15.60 and its 200-day moving average price is $13.45. The company has a market cap of $2.74 billion, a P/E ratio of 31.58 and a beta of 0.20. Grindr Inc. has a 52-week low of $9.73 and a 52-week high of $18.50. 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 (NYSE:GRND - Get Free Report) last posted 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 net margin of 18.75% and a return on equity of 357.13%. The firm had revenue of $138.14 million for the quarter, compared to analysts' expectations of $132.50 million. As a group, equities analysts anticipate that Grindr Inc. will post 0.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GRND. Morgan Stanley reaffirmed an "overweight" rating and issued a $20.00 price objective on shares of Grindr in a research note on Friday, August 7th. TD Cowen reissued a "buy" rating on shares of Grindr in a research note on Monday, June 1st. Weiss Ratings restated a "hold (c)" rating on shares of Grindr in a report on Friday, August 7th. Wall Street Zen lowered Grindr from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, The Goldman Sachs Group restated a "buy" rating and set a $19.00 price objective on shares of Grindr in a report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $20.00.

Grindr Profile

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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