BIT Capital GmbH Has $51.49 Million Stock Position in Grindr Inc. (NYSE:GRND)

Key Points

• BIT Capital GmbH reduced its stake in Grindr Inc. by 27.9%, owning 2,876,783 shares valued at approximately $51.49 million as of its latest SEC filing.
• Insiders sold a total of 4,641,251 shares of Grindr, representing a significant decrease in their positions, while corporate insiders hold 67.70% of the stock.
• Several analysts have upgraded their ratings on Grindr, with Goldman Sachs raising its price target from $20.00 to $26.00, reflecting positive sentiment from the market.

BIT Capital GmbH trimmed its holdings in Grindr Inc. (NYSE:GRND - Free Report) by 27.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,876,783 shares of the company's stock after selling 1,112,275 shares during the quarter. Grindr accounts for about 4.4% of BIT Capital GmbH's portfolio, making the stock its 6th biggest holding. BIT Capital GmbH owned 1.38% of Grindr worth $51,494,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. CWM LLC increased its holdings in shares of Grindr by 838.5% in the 1st quarter. CWM LLC now owns 1,924 shares of the company's stock valued at $34,000 after purchasing an additional 1,719 shares during the period. GAMMA Investing LLC increased its holdings in Grindr by 45.5% in the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock worth $38,000 after buying an additional 662 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after buying an additional 642 shares during the last quarter. Quarry LP increased its holdings in Grindr by 209.2% in the fourth quarter. Quarry LP now owns 3,423 shares of the company's stock worth $61,000 after buying an additional 2,316 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in Grindr by 511.9% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company's stock worth $83,000 after buying an additional 3,880 shares during the last quarter. 7.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Raymond James Financial reiterated an "outperform" rating and set a $26.00 price target (up previously from $22.00) on shares of Grindr in a report on Friday, May 9th. Wall Street Zen upgraded Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. JMP Securities increased their price target on Grindr from $24.00 to $27.00 and gave the company a "market outperform" rating in a report on Monday, June 30th. Citizens Jmp initiated coverage on shares of Grindr in a research note on Monday, June 30th. They issued an "outperform" rating and a $27.00 price objective on the stock. Finally, The Goldman Sachs Group raised their price objective on shares of Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $24.60.

Insider Transactions at Grindr

In related news, Director J Michael Gearon, Jr. sold 500,000 shares of Grindr stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $23.71, for a total value of $11,855,000.00. Following the completion of the transaction, the director directly owned 6,619,727 shares of the company's stock, valued at $156,953,727.17. The trade was a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Fu Bin Lu sold 852,567 shares of Grindr stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $23.93, for a total value of $20,401,928.31. Following the completion of the transaction, the director directly owned 26,588,867 shares of the company's stock, valued at $636,271,587.31. This represents a 3.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,641,251 shares of company stock valued at $110,831,024 over the last ninety days. 67.70% of the stock is currently owned by company insiders.

Grindr Price Performance

Shares of NYSE GRND traded down $0.11 during midday trading on Tuesday, reaching $17.66. 305,324 shares of the company traded hands, compared to its average volume of 1,739,070. The firm has a market cap of $3.46 billion, a PE ratio of -27.14 and a beta of 0.26. The stock's 50-day simple moving average is $21.67 and its 200-day simple moving average is $20.05. Grindr Inc. has a 12 month low of $10.40 and a 12 month high of $25.13. The company has a debt-to-equity ratio of 0.85, a quick ratio of 4.22 and a current ratio of 4.22.

Grindr (NYSE:GRND - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.09. Grindr had a positive return on equity of 219.47% and a negative net margin of 26.04%. As a group, equities analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Grindr Company 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.