Bwcp LP Increases Stock Position in Grindr Inc. $GRND

Key Points

• Bwcp LP increased its stake in Grindr Inc. by 61.8%, owning a total of 1,096,586 shares, which accounts for 4.0% of its holdings.
• Insider Zachary Katz sold 14,693 shares of Grindr, representing a 2.41% decrease in their ownership, while CFO Vandana Mehta-Krantz sold 43,565 shares, decreasing their position by 5.95%.
• Grindr Inc. reported $0.08 EPS for the quarter, missing estimates, and had quarterly revenue up 26.6% from the previous year, contrary to projected expectations.

Bwcp LP increased its stake in Grindr Inc. (NYSE:GRND - Free Report) by 61.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,096,586 shares of the company's stock after acquiring an additional 418,994 shares during the quarter. Grindr accounts for approximately 4.0% of Bwcp LP's portfolio, making the stock its 11th largest position. Bwcp LP owned approximately 0.53% of Grindr worth $19,629,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Grindr in the 1st quarter valued at $197,000. Allspring Global Investments Holdings LLC increased its stake in shares of Grindr by 5.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 97,716 shares of the company's stock valued at $1,808,000 after acquiring an additional 5,265 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Grindr by 11.7% in the 4th quarter. First Trust Advisors LP now owns 95,481 shares of the company's stock valued at $1,703,000 after acquiring an additional 9,968 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Grindr in the 4th quarter valued at $884,000. Finally, GAMMA Investing LLC increased its stake in shares of Grindr by 45.5% in the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock valued at $38,000 after acquiring an additional 662 shares in the last quarter. Institutional investors own 7.22% of the company's stock.

Grindr Stock Performance

Shares of NYSE:GRND traded up $0.18 during midday trading on Friday, reaching $15.29. The company had a trading volume of 1,389,558 shares, compared to its average volume of 2,157,463. The company's 50 day moving average price is $18.31 and its 200 day moving average price is $19.74. The company has a current ratio of 2.48, a quick ratio of 2.48 and a debt-to-equity ratio of 1.43. The stock has a market cap of $2.93 billion, a P/E ratio of -34.74 and a beta of 0.24. Grindr Inc. has a 52-week low of $11.47 and a 52-week high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The business had revenue of $104.00 million for the quarter, compared to the consensus estimate of $104.40 million. Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.Grindr's revenue for the quarter was up 26.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.13) EPS. As a group, sell-side analysts anticipate that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Insider Transactions at Grindr

In other news, CFO Vandana Mehta-Krantz sold 56,611 shares of the firm's stock in a transaction that occurred on 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 approximately $17,663,381.18. This trade represents a 7.00% 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. Also, insider Zachary Katz sold 14,693 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $19.25, for a total transaction of $282,840.25. Following the completion of the transaction, the insider owned 595,112 shares of the company's stock, valued at $11,455,906. This trade represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 169,235 shares of company stock valued at $3,570,031 in the last quarter. Company insiders own 67.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Raymond James Financial decreased their price target on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. The Goldman Sachs Group boosted their price target on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Wall Street Zen lowered shares of Grindr from a "buy" rating to a "hold" rating in a research note on Sunday, August 17th. Citizens Jmp assumed coverage on shares of Grindr in a research note on Monday, June 30th. They issued an "outperform" rating and a $27.00 target price for the company. Finally, JMP Securities reduced their target price on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a research note on Monday, August 11th. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Grindr has a consensus rating of "Buy" and a consensus target price of $22.60.

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.