Lord Abbett & CO. LLC Acquires 74,703 Shares of Grindr Inc. $GRND

Key Points

• Lord Abbett & CO. LLC has increased its stake in Grindr Inc. by 7.7%, owning approximately 1,049,011 shares worth around $18.8 million as of the latest reporting period.
• Grindr reported a quarterly EPS of $0.08, falling short of the anticipated $0.10, while revenue reached $104 million, slightly below analyst expectations.
• Analyst ratings for Grindr show a consensus of "Buy" with an average target price of $22.60, despite some recent adjustments from firms including Raymond James and Goldman Sachs.

Lord Abbett & CO. LLC boosted its position in shares of Grindr Inc. (NYSE:GRND - Free Report) by 7.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,049,011 shares of the company's stock after buying an additional 74,703 shares during the quarter. Lord Abbett & CO. LLC owned 0.50% of Grindr worth $18,777,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of GRND. CWM LLC boosted its stake in Grindr by 838.5% during the first quarter. CWM LLC now owns 1,924 shares of the company's stock valued at $34,000 after buying an additional 1,719 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Grindr by 45.5% in the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock valued at $38,000 after purchasing an additional 662 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Grindr by 31.9% in the 4th 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 during the period. Quarry LP boosted its position in shares of Grindr by 209.2% in the 4th 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 period. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Grindr by 511.9% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company's stock valued at $83,000 after purchasing an additional 3,880 shares during the period. Institutional investors own 7.22% of the company's stock.

Grindr Stock Down 1.5%

Shares of NYSE GRND traded down $0.2450 during mid-day trading on Wednesday, reaching $15.7250. 1,081,902 shares of the company traded hands, compared to its average volume of 1,823,190. The company has a debt-to-equity ratio of 1.43, a quick ratio of 2.48 and a current ratio of 2.48. The stock has a market cap of $3.02 billion, a PE ratio of -35.72 and a beta of 0.25. The company's fifty day moving average is $20.16 and its two-hundred day moving average is $19.98. Grindr Inc. has a fifty-two week low of $11.39 and a fifty-two week 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 analyst estimates of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The business's revenue was up 26.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.13) EPS. On average, analysts expect that Grindr Inc. will post 0.29 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GRND shares. Raymond James Financial decreased their price target on Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. The Goldman Sachs Group increased 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. JMP Securities decreased their price target on Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a research report on Monday, August 11th. Wall Street Zen lowered Grindr from a "buy" rating to a "hold" rating in a research report on Sunday. Finally, Citizens Jmp started coverage on Grindr in a research report on Monday, June 30th. They issued an "outperform" rating and a $27.00 price target for the company. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $22.60.

Insider Transactions at Grindr

In related news, Director Daniel Brooks Baer sold 2,435 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $24.00, for a total transaction of $58,440.00. Following the completion of the transaction, the director owned 24,693 shares in the company, valued at $592,632. This trade represents a 8.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vandana Mehta-Krantz sold 43,565 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $16.89, for a total value 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 trade represents a 5.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,636,104 shares of company stock worth $62,819,311 over the last quarter. 67.70% of the stock is owned by company insiders.

Grindr 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.