Voya Investment Management LLC Sells 19,782 Shares of Grindr Inc. $GRND

Key Points

• Voya Investment Management LLC reduced its stake in Grindr Inc. by 12.3%, selling 19,782 shares and retaining ownership of 141,529 shares valued at approximately $2.53 million.
• Recent insider sales included Zachary Katz selling 7,644 shares and CFO Vandana Mehta-Krantz selling 43,565 shares, indicating a decrease in their ownership stakes by 1.36% and 5.95%, respectively.
• Grindr's stock performance saw a 12-month low of $11.51 and a 12-month high of $25.13, with the current share price opening at $16.00 on Friday.

Voya Investment Management LLC decreased its position in shares of Grindr Inc. (NYSE:GRND - Free Report) by 12.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,529 shares of the company's stock after selling 19,782 shares during the quarter. Voya Investment Management LLC owned 0.07% of Grindr worth $2,533,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GRND. Bank of America Corp DE boosted its stake in Grindr by 47.1% during the 4th quarter. Bank of America Corp DE now owns 313,238 shares of the company's stock worth $5,588,000 after purchasing an additional 100,297 shares during the last quarter. Janus Henderson Group PLC acquired a new stake in Grindr during the 4th quarter worth $227,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Grindr by 41.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,116 shares of the company's stock worth $502,000 after purchasing an additional 8,203 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in Grindr by 37.0% during the 4th quarter. Nuveen Asset Management LLC now owns 792,916 shares of the company's stock worth $14,146,000 after purchasing an additional 214,102 shares during the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in Grindr during the 4th quarter worth $784,000. Hedge funds and other institutional investors own 7.22% of the company's stock.

Grindr Stock Performance

Shares of NYSE GRND traded up $0.32 during trading on Tuesday, reaching $16.43. The stock had a trading volume of 808,156 shares, compared to its average volume of 1,832,140. The stock has a market cap of $3.15 billion, a PE ratio of -37.32 and a beta of 0.25. The firm's 50 day moving average price is $16.92 and its two-hundred day moving average price is $19.59. The company has a debt-to-equity ratio of 1.43, a quick ratio of 2.48 and a current ratio of 2.48. Grindr Inc. has a one year low of $11.51 and a one year high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The company had revenue of $104.00 million for the quarter, compared to the consensus estimate of $104.40 million. Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.Grindr's quarterly revenue was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.13) earnings per share. On average, research analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Grindr

In related news, insider Zachary Katz sold 7,644 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $15.64, for a total value of $119,552.16. Following the completion of the sale, the insider directly owned 555,984 shares of the company's stock, valued at approximately $8,695,589.76. This represents a 1.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vandana Mehta-Krantz sold 43,565 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $16.89, for a total value of $735,812.85. Following the completion of the transaction, the chief financial officer directly owned 688,047 shares in the company, valued at approximately $11,621,113.83. The trade was a 5.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,594 shares of company stock valued at $1,543,461. 67.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GRND shares. JMP Securities lowered their target price on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a research note on Monday, August 11th. Raymond James Financial lowered their price target 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. Wall Street Zen cut shares of Grindr from a "buy" rating to a "hold" rating in a research report on Sunday, August 17th. Finally, Citizens Jmp started coverage on shares of Grindr in a research report on Monday, June 30th. They set an "outperform" rating and a $27.00 price target on the stock. Five research 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 price target of $22.60.

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.