GSA Capital Partners LLP Sells 61,338 Shares of Grindr Inc. (NYSE:GRND)

Key Points

• GSA Capital Partners LLP has decreased its stake in Grindr Inc. by 49.7%, selling 61,338 shares during the first quarter of the year.
• Multiple large investors, including CWM LLC and Point72 Asia Singapore Pte. Ltd., have significantly increased their positions in Grindr, with CWM LLC's holdings rising by 838.5%.
• Grindr's stock has a current market cap of $3.50 billion and recently opened at $17.87, while analysts have set a consensus price target of $24.60 with several recommending it as a "buy."

GSA Capital Partners LLP decreased its holdings in shares of Grindr Inc. (NYSE:GRND - Free Report) by 49.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,146 shares of the company's stock after selling 61,338 shares during the period. GSA Capital Partners LLP's holdings in Grindr were worth $1,112,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. CWM LLC boosted its position in shares of Grindr by 838.5% during 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 increased its position in shares of Grindr by 45.5% in the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock worth $38,000 after acquiring an additional 662 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after acquiring an additional 642 shares in the last quarter. Quarry LP lifted 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 acquiring an additional 2,316 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its stake in Grindr by 511.9% in the 4th 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 during the period. Institutional investors own 7.22% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented 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. Raymond James Financial reaffirmed an "outperform" rating and issued a $26.00 price objective (up previously from $22.00) on shares of Grindr in a research note on Friday, May 9th. The Goldman Sachs Group raised their price objective on shares of Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Wall Street Zen raised shares of Grindr from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, JMP Securities raised their price objective on shares of Grindr from $24.00 to $27.00 and gave the stock a "market outperform" rating in a research note on Monday, June 30th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Grindr has a consensus rating of "Buy" and an average target price of $24.60.

Grindr Stock Down 0.6%

Shares of NYSE GRND traded down $0.11 during mid-day trading on Friday, reaching $17.37. The company had a trading volume of 2,342,854 shares, compared to its average volume of 1,558,721. The stock has a fifty day moving average of $21.80 and a two-hundred day moving average of $20.00. The company has a debt-to-equity ratio of 0.85, a quick ratio of 4.22 and a current ratio of 4.22. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -26.72 and a beta of 0.28. Grindr Inc. has a 12-month low of $10.26 and a 12-month high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.09. Grindr had a negative net margin of 26.04% and a positive return on equity of 219.47%. As a group, equities research analysts expect that Grindr Inc. will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, Director J Michael Gearon, Jr. sold 19,432 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $24.75, for a total value of $480,942.00. Following the completion of the sale, the director directly owned 5,480,568 shares of the company's stock, valued at $135,644,058. This represents a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vandana Mehta-Krantz sold 20,982 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $22.18, for a total transaction of $465,380.76. Following the transaction, the chief financial officer directly owned 731,612 shares in the company, valued at approximately $16,227,154.16. The trade was a 2.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,641,251 shares of company stock valued at $110,831,024 over the last ninety days. Insiders own 67.70% of the company's stock.

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.