BlackRock Inc. purchased a new stake in Grindr Inc. (NYSE:GRND - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,420,955 shares of the company's stock, valued at approximately $49,159,000. BlackRock Inc. owned approximately 1.92% of Grindr at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in GRND. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Grindr by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company's stock worth $517,000 after purchasing an additional 762 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Grindr by 8.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company's stock valued at $332,000 after purchasing an additional 1,086 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Grindr by 69.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company's stock valued at $40,000 after purchasing an additional 1,227 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Grindr by 2.6% in the 4th quarter. Vident Advisory LLC now owns 50,616 shares of the company's stock valued at $685,000 after buying an additional 1,271 shares during the period. Finally, EverSource Wealth Advisors LLC grew 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 valued at $34,000 after buying an additional 1,385 shares during the period. Institutional investors and hedge funds own 7.22% of the company's stock.
Grindr Price Performance
GRND opened at $15.52 on Tuesday. The stock's 50-day moving average price is $15.73 and its 200 day moving average price is $13.55. Grindr Inc. has a 12-month low of $9.73 and a 12-month high of $18.50. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 442.30. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 31.04 and a beta of 0.20.
Grindr (NYSE:GRND - Get Free Report) last released its 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). The firm had revenue of $138.14 million during the quarter, compared to analyst estimates of $132.50 million. Grindr had a net margin of 18.75% and a return on equity of 357.13%. As a group, sell-side analysts expect that Grindr Inc. will post 0.51 earnings per share for the current year.
Analyst Upgrades and Downgrades
GRND has been the subject of several analyst reports. TD Cowen reiterated a "buy" rating on shares of Grindr in a research report on Monday, June 1st. Raymond James Financial restated an "outperform" rating on shares of Grindr in a research 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. Morgan Stanley reiterated an "overweight" rating and set a $20.00 price target on shares of Grindr in a report on Friday, August 7th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $19.00 price objective on shares of Grindr in a report on Friday, August 7th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.00.
Check Out Our Latest Stock Analysis on Grindr
Insider Buying and Selling
In other news, Director Daniel Brooks Baer sold 3,500 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $15.65, for a total transaction of $54,775.00. Following the sale, the director owned 47,912 shares of the company's stock, valued at approximately $749,822.80. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 stock in a transaction 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 in the company, valued at approximately $12,347,177.08. The trade was a 1.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 52,250 shares of company stock worth $818,045. 60.90% of the stock is owned by company insiders.
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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