Canada Pension Plan Investment Board Takes $1.63 Million Position in Grindr Inc. $GRND

Key Points

• Canada Pension Plan Investment Board acquired 113,500 Grindr shares worth approximately $1.63 million, giving it a 0.06% stake. Institutional investors collectively own 7.22% of the company.
• Grindr’s latest quarterly revenue of $138.14 million exceeded analyst expectations, but earnings of $0.10 per share fell short of the $0.16 consensus estimate.
• Analyst sentiment remains broadly positive, with five Buy ratings and one Hold rating and a consensus price target of $20, compared with shares opening at $15.52. However, insiders sold 52,250 shares worth $818,045 during the last quarter.

Canada Pension Plan Investment Board bought a new position in shares of Grindr Inc. (NYSE:GRND - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 113,500 shares of the company's stock, valued at approximately $1,631,000. Canada Pension Plan Investment Board owned approximately 0.06% of Grindr as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of GRND. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Grindr by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company's stock valued at $517,000 after purchasing an additional 762 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of 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 buying an additional 1,086 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of 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 buying an additional 1,227 shares during the period. Vident Advisory LLC increased its position in 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 in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in 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 in the last quarter. 7.22% of the stock is owned by institutional investors.

Grindr Stock Down 0.4%

Shares of NYSE:GRND opened at $15.52 on Tuesday. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 31.04 and a beta of 0.20. 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 Inc. has a 12-month low of $9.73 and a 12-month high of $18.50. The business's 50 day moving average is $15.73 and its 200 day moving average is $13.55.

Grindr (NYSE:GRND - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.06). Grindr had a net margin of 18.75% and a return on equity of 357.13%. The company had revenue of $138.14 million during the quarter, compared to analysts' expectations of $132.50 million. On average, sell-side analysts forecast that Grindr Inc. will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on GRND. Wall Street Zen lowered Grindr from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Weiss Ratings restated a "hold (c)" rating on shares of Grindr in a report on Friday, August 7th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $19.00 target price on shares of Grindr in a research report on Friday, August 7th. TD Cowen reiterated a "buy" rating on shares of Grindr in a report on Monday, June 1st. Finally, Morgan Stanley reissued an "overweight" rating and issued a $20.00 price target on shares of Grindr in a research 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 stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target 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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