Sycale Advisors NY LLC trimmed its stake in Grindr Inc. (NYSE:GRND - Free Report) by 62.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 496,506 shares of the company's stock after selling 834,683 shares during the period. Grindr accounts for about 2.3% of Sycale Advisors NY LLC's investment portfolio, making the stock its 17th largest position. Sycale Advisors NY LLC owned approximately 0.28% of Grindr worth $8,858,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GRND. Bwcp LP acquired a new stake in shares of Grindr in the fourth quarter valued at about $12,088,000. Sellaronda Global Management LP bought a new stake in Grindr during the 4th quarter valued at approximately $10,704,000. Marshall Wace LLP boosted its stake in Grindr by 85.2% during the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company's stock valued at $19,928,000 after purchasing an additional 513,770 shares during the period. Federated Hermes Inc. grew its holdings in Grindr by 101.3% in the 4th quarter. Federated Hermes Inc. now owns 866,058 shares of the company's stock valued at $15,450,000 after buying an additional 435,748 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in Grindr in the 4th quarter worth approximately $7,230,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.
Grindr Stock Performance
Shares of NYSE:GRND traded up $0.25 during trading on Friday, hitting $23.97. 491,414 shares of the stock were exchanged, compared to its average volume of 1,742,466. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of -68.47 and a beta of 0.28. Grindr Inc. has a 1-year low of $8.95 and a 1-year high of $24.80. The company's fifty day simple moving average is $20.23 and its 200-day simple moving average is $17.96.
Grindr (NYSE:GRND - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.09 EPS for the quarter, hitting the consensus estimate of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. On average, research analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.
Insider Transactions at Grindr
In other Grindr news, Director J Michael Gearon, Jr. sold 477,570 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $23.64, for a total transaction of $11,289,754.80. Following the completion of the transaction, the director now directly owns 5,500,000 shares in the company, valued at $130,020,000. This represents a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $16.23, for a total value of $49,631.34. Following the transaction, the insider now directly owns 613,800 shares of the company's stock, valued at approximately $9,961,974. The trade was a 0.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,054,770 shares of company stock valued at $48,848,167. Company insiders own 76.40% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective 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 reiterated a "market outperform" rating and set a $24.00 target price on shares of Grindr in a research note on Monday, April 21st. Citigroup reissued an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. Raymond James restated an "outperform" rating and issued a $26.00 price target (up from $22.00) on shares of Grindr in a research report on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $23.25.
Read Our Latest Stock Report on GRND
About Grindr
(
Free Report)
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.
Recommended Stories
Before you consider Grindr, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Grindr wasn't on the list.
While Grindr currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
