GAMMA Investing LLC boosted its position in Grindr Inc. (NYSE:GRND - Free Report) by 2,505.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,876 shares of the company's stock after buying an additional 36,422 shares during the quarter. GAMMA Investing LLC's holdings in Grindr were worth $6,780,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. BIT Capital GmbH boosted its holdings in Grindr by 9.6% in the 4th quarter. BIT Capital GmbH now owns 3,989,058 shares of the company's stock valued at $71,165,000 after purchasing an additional 349,189 shares during the period. Marshall Wace LLP boosted its holdings in 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 period. Lord Abbett & CO. LLC boosted its holdings in Grindr by 50.6% in the 4th 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 during the period. Federated Hermes Inc. boosted its holdings in Grindr by 101.3% in the 4th quarter. Federated Hermes Inc. now owns 866,058 shares of the company's stock valued at $15,450,000 after purchasing an additional 435,748 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in Grindr by 37.0% in the 4th quarter. Nuveen Asset Management LLC now owns 792,916 shares of the company's stock valued at $14,146,000 after purchasing an additional 214,102 shares during the period. 7.22% of the stock is currently owned by institutional investors and hedge funds.
Grindr Stock Performance
Shares of NYSE:GRND traded down $0.13 during midday trading on Friday, reaching $22.99. 1,003,579 shares of the company's stock were exchanged, compared to its average volume of 1,158,868. The company's 50 day simple moving average is $22.02 and its two-hundred day simple moving average is $18.89. The firm has a market capitalization of $4.50 billion, a PE ratio of -65.67 and a beta of 0.31. Grindr Inc. has a 12 month low of $9.42 and a 12 month high of $25.13.
Grindr (NYSE:GRND - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. On average, research analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current year.
Analyst Upgrades and Downgrades
GRND has been the subject of a number of research reports. Raymond James reissued an "outperform" rating and issued a $26.00 price target (up from $22.00) on shares of Grindr in a report on Friday, May 9th. The Goldman Sachs Group increased their price target on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a report on Monday, May 12th. Wall Street Zen raised shares of Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Citigroup reaffirmed an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $24.00 price objective on shares of Grindr in a report on Monday, April 21st. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Grindr presently has a consensus rating of "Buy" and a consensus target price of $23.25.
Check Out Our Latest Research Report on GRND
Insider Activity at Grindr
In other Grindr news, Director James Fu Bin Lu sold 480,770 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $23.78, for a total value of $11,432,710.60. Following the completion of the sale, the director now owns 27,610,198 shares in the company, valued at approximately $656,570,508.44. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director J Michael Gearon, Jr. sold 500,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $23.71, for a total transaction of $11,855,000.00. Following the completion of the sale, the director now owns 6,619,727 shares of the company's stock, valued at $156,953,727.17. The trade was a 7.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,517,581 shares of company stock valued at $108,031,475 in the last ninety days. Insiders own 76.40% of the company's stock.
Grindr Profile
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Free Report)
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.
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