Lord Abbett & CO. LLC Has $18.78 Million Holdings in 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 raised its holdings in shares of Grindr Inc. (NYSE:GRND - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,049,011 shares of the company's stock after acquiring an additional 74,703 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.50% of Grindr worth $18,777,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its holdings in Grindr by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 11,472 shares of the company's stock worth $205,000 after acquiring an additional 3,911 shares during the period. Russell Investments Group Ltd. increased its stake in 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 in the last quarter. Legal & General Group Plc increased its stake in Grindr by 721.8% in the 4th quarter. Legal & General Group Plc now owns 22,673 shares of the company's stock valued at $404,000 after purchasing an additional 19,914 shares in the last quarter. Barclays PLC boosted its holdings in shares of Grindr by 30.4% during the fourth quarter. Barclays PLC now owns 94,647 shares of the company's stock worth $1,689,000 after purchasing an additional 22,067 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in Grindr in the fourth quarter valued at about $296,000. Hedge funds and other institutional investors own 7.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GRND. The Goldman Sachs Group boosted their price objective on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Raymond James Financial cut 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. JMP Securities cut their price target on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, August 11th. Wall Street Zen cut shares of Grindr from a "buy" rating to a "hold" rating in a research report on Sunday. Finally, 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 on the stock. Five analysts have rated the stock with a Buy rating, According to MarketBeat, Grindr currently has an average rating of "Buy" and an average price target of $22.60.

Insider Buying and Selling at Grindr

In other news, Director J Michael Gearon, Jr. sold 250,300 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $24.33, for a total transaction of $6,089,799.00. Following the completion of the transaction, the director directly owned 6,340,659 shares of the company's stock, valued at approximately $154,268,233.47. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vandana Mehta-Krantz sold 56,611 shares of the 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 completion of the transaction, the chief financial officer owned 752,594 shares of the company's stock, valued at $17,663,381.18. The trade was a 7.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,468,095 shares of company stock valued at $58,790,455 in the last three months. 67.70% of the stock is owned by corporate insiders.

Grindr Stock Performance

GRND traded down $0.1150 during midday trading on Thursday, hitting $15.6650. 296,702 shares of the company traded hands, compared to its average volume of 1,821,260. Grindr Inc. has a 52 week low of $11.39 and a 52 week high of $25.13. The firm has a market capitalization of $3.01 billion, a PE ratio of -35.62 and a beta of 0.25. The company's 50-day moving average is $20.01 and its 200 day moving average is $19.95. 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 posted its earnings results 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 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 analysts' expectations of $104.40 million. During the same period last year, the business posted ($0.13) earnings per share. The company's revenue for the quarter was up 26.6% compared to the same quarter last year. On average, research analysts expect that Grindr Inc. will post 0.29 EPS for the current year.

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.