Grindr Inc. $GRND Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. significantly increased its stake in Grindr Inc. by 23.5%, now owning 1,714,514 shares valued at approximately $30.7 million.
• Insider selling activity includes Grindr's CFO selling over 56,000 shares for about $1.33 million and a director selling 250,300 shares, indicating a reduction in their ownership.
• Analysts have adjusted their price targets for Grindr, with a notable downgrade from JMP Securities from $27.00 to $23.00, now reflecting a consensus price target of $22.60.

Vanguard Group Inc. boosted its position in shares of Grindr Inc. (NYSE:GRND - Free Report) by 23.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,714,514 shares of the company's stock after acquiring an additional 325,996 shares during the period. Vanguard Group Inc. owned about 0.82% of Grindr worth $30,690,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of GRND. XTX Topco Ltd lifted its position in Grindr by 2.8% in the first quarter. XTX Topco Ltd now owns 17,036 shares of the company's stock valued at $305,000 after acquiring an additional 459 shares during the last quarter. GAMMA Investing LLC grew its stake in Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock worth $38,000 after buying an additional 662 shares during the last quarter. Bank of New York Mellon Corp increased its position in Grindr by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 53,998 shares of the company's stock worth $967,000 after buying an additional 1,111 shares during the period. Rhumbline Advisers lifted its stake in Grindr by 3.0% in the first quarter. Rhumbline Advisers now owns 43,043 shares of the company's stock valued at $770,000 after buying an additional 1,272 shares during the last quarter. Finally, Bleakley Financial Group LLC boosted its holdings in shares of Grindr by 5.4% in the first quarter. Bleakley Financial Group LLC now owns 30,260 shares of the company's stock valued at $542,000 after acquiring an additional 1,548 shares during the period. Institutional investors and hedge funds own 7.22% of the company's stock.

Grindr Price Performance

GRND stock traded down $0.09 on Monday, reaching $15.61. 1,348,144 shares of the company's stock were exchanged, compared to its average volume of 2,366,098. The stock has a fifty day moving average of $18.99 and a 200-day moving average of $19.85. Grindr Inc. has a twelve month low of $11.47 and a twelve month high of $25.13. The firm has a market cap of $3.00 billion, a PE ratio of -35.48 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 announced its quarterly earnings data 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). Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The business had revenue of $104.00 million for the quarter, compared to analyst estimates of $104.40 million. During the same period in the prior year, the company earned ($0.13) EPS. The company's revenue was up 26.6% on a year-over-year basis. As a group, equities analysts predict that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, insider Zachary Katz sold 14,693 shares of the company's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $19.25, for a total transaction of $282,840.25. Following the transaction, the insider owned 595,112 shares of the company's stock, valued at $11,455,906. This represents a 2.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Vandana Mehta-Krantz sold 56,611 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $23.47, for a total value of $1,328,660.17. Following the transaction, the chief financial officer directly owned 752,594 shares in the company, valued at $17,663,381.18. This represents a 7.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 188,667 shares of company stock valued at $4,050,973 over the last quarter. Company insiders own 67.70% of the company's stock.

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.