Harvest Fund Management Co. Ltd reduced its position in Grindr Inc. (NYSE:GRND - Free Report) by 96.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,641 shares of the company's stock after selling 51,463 shares during the period. Harvest Fund Management Co. Ltd's holdings in Grindr were worth $29,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS bought a new position in shares of Grindr during the fourth quarter worth about $89,000. Norges Bank bought a new position in Grindr in the fourth quarter worth about $6,035,000. Schroder Investment Management Group bought a new position in Grindr in the fourth quarter worth about $212,000. Landscape Capital Management L.L.C. bought a new position in Grindr in the fourth quarter worth about $2,712,000. Finally, Wells Fargo & Company MN lifted its holdings in Grindr by 51.7% in 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 last quarter. 7.22% of the stock is owned by hedge funds and other institutional investors.
Grindr Trading Up 2.6%
NYSE GRND traded up $0.45 on Monday, hitting $17.81. 1,972,763 shares of the stock were exchanged, compared to its average volume of 1,675,964. Grindr Inc. has a 52-week low of $10.26 and a 52-week high of $25.13. The company has a debt-to-equity ratio of 0.85, a current ratio of 4.22 and a quick ratio of 4.22. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of 57.87 and a beta of 0.25. The company's 50-day moving average price is $21.80 and its two-hundred day moving average price is $20.04.
Grindr (NYSE:GRND - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, hitting the consensus estimate of $0.09. Grindr had a negative net margin of 26.04% and a positive return on equity of 219.47%. Research analysts predict that Grindr Inc. will post 0.29 EPS for the current year.
Insider Activity at Grindr
In other Grindr news, Director J Michael Gearon, Jr. sold 19,432 shares of Grindr stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $24.75, for a total transaction of $480,942.00. Following the completion of the sale, the director owned 5,480,568 shares of the company's stock, valued at $135,644,058. This trade represents a 0.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James Fu Bin Lu sold 852,567 shares of Grindr stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $23.93, for a total transaction of $20,401,928.31. Following the sale, the director directly owned 26,588,867 shares of the company's stock, valued at $636,271,587.31. This trade represents a 3.11% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,641,251 shares of company stock worth $110,831,024. 67.70% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several brokerages have commented on GRND. Citizens Jmp began coverage on shares of Grindr in a research note on Monday, June 30th. They issued an "outperform" rating and a $27.00 price target on the stock. The Goldman Sachs Group raised their price target on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Raymond James Financial reiterated an "outperform" rating and set a $26.00 price objective (up previously from $22.00) on shares of Grindr in a research note on Friday, May 9th. Wall Street Zen upgraded 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 target price on shares of Grindr from $24.00 to $27.00 and gave the stock a "market outperform" rating in a report on Monday, June 30th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $24.60.
Check Out Our Latest Report on Grindr
Grindr Company Profile
(
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.
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