Forge First Asset Management Inc. Takes $3.93 Million Position in Grindr Inc. (NYSE:GRND)

Key Points

• Forge First Asset Management Inc. has acquired 219,763 shares of Grindr Inc., valued at approximately $3.93 million, making it the 21st largest position in the fund's portfolio.
• Various institutional investors have increased their stakes in Grindr recently, with notable purchases from Bwcp LP and Marshall Wace LLP, contributing to a total institutional ownership of 7.22% of the company.
• Grindr's stock is currently trading at $17.37, with a market cap of $3.40 billion and a consensus price target from analysts of $24.60, indicating strong future growth potential.

Forge First Asset Management Inc. bought a new stake in Grindr Inc. (NYSE:GRND - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 219,763 shares of the company's stock, valued at approximately $3,932,000. Grindr makes up about 1.7% of Forge First Asset Management Inc.'s investment portfolio, making the stock its 21st largest holding. Forge First Asset Management Inc. owned about 0.11% of Grindr as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Marshall Wace LLP boosted its stake in shares of Grindr by 85.2% in the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company's stock valued at $19,928,000 after purchasing an additional 513,770 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in Grindr by 50.6% in the fourth quarter. Lord Abbett & CO. LLC now owns 974,308 shares of the company's stock valued at $17,382,000 after purchasing an additional 327,208 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of Grindr by 3.9% during the first quarter. Federated Hermes Inc. now owns 899,912 shares of the company's stock worth $16,108,000 after acquiring an additional 33,854 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Grindr by 37.0% in the fourth quarter. Nuveen Asset Management LLC now owns 792,916 shares of the company's stock worth $14,146,000 after buying an additional 214,102 shares during the period. Finally, Bwcp LP bought a new stake in Grindr in the fourth quarter valued at $12,088,000. Institutional investors own 7.22% of the company's stock.

Insider Activity

In other news, Director J Michael Gearon, Jr. sold 500,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $23.71, for a total transaction 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 approximately $156,953,727.17. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Fu Bin Lu sold 852,567 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was 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 trade represents a 3.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,641,251 shares of company stock worth $110,831,024. Insiders own 67.70% of the company's stock.

Analyst Upgrades and Downgrades

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

Grindr Price Performance

Shares of NYSE GRND traded up $0.86 during trading on Wednesday, reaching $18.63. The company had a trading volume of 2,398,919 shares, compared to its average volume of 1,749,926. The stock has a market capitalization of $3.65 billion, a PE ratio of -28.66 and a beta of 0.25. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.85. Grindr Inc. has a twelve month low of $10.40 and a twelve month high of $25.13. The stock has a 50-day moving average price of $21.55 and a two-hundred day moving average price of $20.03.

Grindr (NYSE:GRND - Get Free Report) last posted its quarterly earnings results 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, sell-side analysts predict that Grindr Inc. will post 0.29 earnings per share for the current 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.