Bank of New York Mellon Corp Purchases New Stake in Grindr Inc. $GRND

Bank of New York Mellon Corp purchased a new stake in Grindr Inc. (NYSE:GRND - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 107,692 shares of the company's stock, valued at approximately $1,548,000. Bank of New York Mellon Corp owned approximately 0.06% of Grindr at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd purchased a new position in Grindr in the third quarter worth $26,000. EverSource Wealth Advisors LLC boosted its position in shares of Grindr by 1,473.4% during 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 in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Grindr during the 2nd quarter worth $39,000. Rockefeller Capital Management L.P. acquired a new position in shares of Grindr during the 4th quarter worth $45,000. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of Grindr during the 4th quarter worth $53,000. Institutional investors and hedge funds own 7.22% of the company's stock.

Grindr Stock Down 3.7%

Grindr stock opened at $14.89 on Thursday. Grindr Inc. has a fifty-two week low of $9.73 and a fifty-two week high of $18.50. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of 29.78 and a beta of 0.19. The stock's fifty day moving average is $15.91 and its two-hundred day moving average is $13.80. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.10 and a current ratio of 1.10.

Grindr (NYSE:GRND - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $138.14 million for the quarter, compared to analyst estimates of $132.50 million. Analysts predict that Grindr Inc. will post 0.51 EPS for the current fiscal year.

Insider Transactions at Grindr

In other Grindr news, Director Daniel Baer sold 3,500 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $15.65, for a total transaction of $54,775.00. Following the completion of the transaction, the director directly owned 47,912 shares in the company, valued at approximately $749,822.80. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Zachary Katz sold 12,979 shares of Grindr stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $17.89, for a total transaction of $232,194.31. Following the transaction, the insider owned 690,172 shares of the company's stock, valued at approximately $12,347,177.08. The trade was a 1.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 52,250 shares of company stock worth $818,045. 60.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Raymond James Financial reiterated an "outperform" rating on shares of Grindr in a report on Friday, August 7th. Morgan Stanley reissued an "overweight" rating on shares of Grindr in a report on Tuesday. Weiss Ratings restated a "hold (c)" rating on shares of Grindr in a research report on Friday, August 7th. TD Cowen reaffirmed a "buy" rating on shares of Grindr in a report on Monday, June 1st. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $19.00 price target on shares of Grindr in a research report on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Grindr currently has an average rating of "Moderate Buy" and an average 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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