Hsbc Holdings PLC Buys 84,355 Shares of Grindr Inc. $GRND

Key Points

• Hsbc Holdings PLC has significantly increased its stake in Grindr Inc. by 132.6%, acquiring an additional 84,355 shares during the 1st quarter, bringing its total ownership to 147,992 shares valued at approximately $2.66 million.
• Several analysts have revised their price targets for Grindr, with JMP Securities lowering its target from $27.00 to $23.00 while The Goldman Sachs Group raised theirs from $20.00 to $26.00, reflecting a mix of bullish and bearish sentiments on the stock.
• Grindr's recent earnings report showed a quarterly revenue of $104 million, but it missed analysts' expectations for earnings per share, reporting $0.08 instead of the anticipated $0.10.

Hsbc Holdings PLC increased its stake in shares of Grindr Inc. (NYSE:GRND - Free Report) by 132.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 147,992 shares of the company's stock after buying an additional 84,355 shares during the quarter. Hsbc Holdings PLC owned 0.07% of Grindr worth $2,664,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. XTX Topco Ltd lifted its position in shares of Grindr by 2.8% during the 1st quarter. XTX Topco Ltd now owns 17,036 shares of the company's stock worth $305,000 after buying an additional 459 shares during the period. GAMMA Investing LLC lifted its position in shares of Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock worth $38,000 after buying an additional 662 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Grindr by 2.1% during the 1st quarter. Bank of New York Mellon Corp now owns 53,998 shares of the company's stock worth $967,000 after buying an additional 1,111 shares during the period. Rhumbline Advisers lifted its position in shares of Grindr by 3.0% during the 1st quarter. Rhumbline Advisers now owns 43,043 shares of the company's stock worth $770,000 after buying an additional 1,272 shares during the period. Finally, Bleakley Financial Group LLC lifted its position in shares of Grindr by 5.4% during the 1st quarter. Bleakley Financial Group LLC now owns 30,260 shares of the company's stock worth $542,000 after buying an additional 1,548 shares during the period. Institutional investors own 7.22% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on GRND. JMP Securities cut their target price 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. Citizens Jmp initiated coverage on Grindr in a research report on Monday, June 30th. They issued an "outperform" rating and a $27.00 price objective for the company. Wall Street Zen lowered Grindr from a "buy" rating to a "hold" rating in a research note on Sunday, August 17th. Raymond James Financial decreased their target price on Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Finally, The Goldman Sachs Group lifted their price target on Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a report on Monday, May 12th. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $22.60.

Insider Transactions at Grindr

In other Grindr news, insider Zachary Katz sold 14,693 shares of the company's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $19.25, for a total transaction of $282,840.25. Following the transaction, the insider directly owned 595,112 shares in the company, valued at approximately $11,455,906. This represents a 2.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Vandana Mehta-Krantz sold 43,565 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $16.89, for a total transaction of $735,812.85. Following the transaction, the chief financial officer owned 688,047 shares in the company, valued at approximately $11,621,113.83. The trade was a 5.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 691,102 shares of company stock worth $16,301,880. Insiders own 67.70% of the company's stock.

Grindr Stock Up 1.7%

NYSE:GRND opened at $15.88 on Wednesday. The stock's fifty day moving average price is $19.42 and its two-hundred day moving average price is $19.90. Grindr Inc. has a 52-week low of $11.39 and a 52-week high of $25.13. 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 company has a market cap of $3.05 billion, a price-to-earnings ratio of -36.08 and a beta of 0.25.

Grindr (NYSE:GRND - Get Free Report) last released 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). The firm had revenue of $104.00 million for the quarter, compared to the consensus estimate of $104.40 million. Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The company's revenue was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.13) EPS. On average, analysts anticipate that Grindr Inc. will post 0.29 EPS for the current year.

Grindr Company 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.

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