Grindr Inc. $GRND Shares Purchased by Emmett Investment Management LP

Key Points

• Emmett Investment Management LP increased its position in Grindr Inc. by 11.1% during the first quarter, now holding approximately 0.09% of the company's stock worth around $3.37 million.
• Grindr's CFO and a director recently sold a combined total of 306,911 shares of the company's stock, resulting in significant decreases in their ownership positions.
• Despite posting a year-over-year revenue increase of 26.6%, Grindr reported an EPS of $0.08, missing analysts' expectations by $0.02.

Emmett Investment Management LP grew its holdings in Grindr Inc. (NYSE:GRND - Free Report) by 11.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 182,085 shares of the company's stock after purchasing an additional 18,200 shares during the quarter. Grindr accounts for about 3.1% of Emmett Investment Management LP's holdings, making the stock its 18th biggest holding. Emmett Investment Management LP owned about 0.09% of Grindr worth $3,369,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GRND. CWM LLC raised its holdings in shares of Grindr by 838.5% in the 1st quarter. CWM LLC now owns 1,924 shares of the company's stock valued at $34,000 after purchasing an additional 1,719 shares in the last quarter. GAMMA Investing LLC lifted its stake in Grindr by 45.5% during the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock worth $38,000 after purchasing an additional 662 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock valued at $47,000 after purchasing an additional 642 shares in the last quarter. Quarry LP increased its stake in Grindr by 209.2% in the fourth quarter. Quarry LP now owns 3,423 shares of the company's stock valued at $61,000 after purchasing an additional 2,316 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in Grindr by 511.9% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company's stock worth $83,000 after purchasing an additional 3,880 shares in the last quarter. Institutional investors and hedge funds own 7.22% of the company's stock.

Grindr Price Performance

Shares of Grindr stock traded down $0.0630 during trading on Monday, reaching $15.7270. The company's stock had a trading volume of 223,376 shares, compared to its average volume of 1,820,648. The business has a 50 day moving average price of $19.72 and a 200-day moving average price of $19.94. Grindr Inc. has a 12-month low of $11.39 and a 12-month high of $25.13. The company has a market capitalization of $3.02 billion, a P/E ratio of -35.75 and a beta of 0.25. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.43.

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

Analysts Set New Price Targets

Several equities analysts have issued reports on GRND shares. Citizens Jmp started coverage on shares of Grindr in a research note on Monday, June 30th. They issued an "outperform" rating and a $27.00 price objective for the company. 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. JMP Securities cut their price target on Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. Wall Street Zen cut Grindr from a "buy" rating to a "hold" rating in a research note on Sunday, August 17th. Finally, Raymond James Financial lowered their target price on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $22.60.

Insider Activity

In other Grindr news, CFO Vandana Mehta-Krantz sold 43,565 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $16.89, for a total transaction of $735,812.85. Following the transaction, the chief financial officer owned 688,047 shares of the company's stock, valued at $11,621,113.83. This represents a 5.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director J Michael Gearon, Jr. sold 19,432 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $24.75, for a total transaction of $480,942.00. Following the transaction, the director directly owned 5,480,568 shares in the company, valued at approximately $135,644,058. This represents a 0.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,105,122 shares of company stock valued at $50,077,399 over the last quarter. 67.70% of the stock is currently owned by company insiders.

About Grindr

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.