Hsbc Holdings PLC Increases Position in 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 holdings in Grindr Inc. (NYSE:GRND - Free Report) by 132.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 147,992 shares of the company's stock after purchasing 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.

A number of other large investors also recently bought and sold shares of GRND. Nuveen LLC acquired a new position in Grindr in the 1st quarter worth about $20,049,000. Bwcp LP acquired a new position in shares of Grindr during the 4th quarter worth approximately $12,088,000. Woodline Partners LP acquired a new position in shares of Grindr during the 4th quarter worth approximately $7,436,000. Tudor Investment Corp ET AL acquired a new position in Grindr during the fourth quarter worth $7,230,000. Finally, Vanguard Group Inc. raised its position in Grindr by 23.5% during the first quarter. Vanguard Group Inc. now owns 1,714,514 shares of the company's stock worth $30,690,000 after acquiring an additional 325,996 shares during the period. Institutional investors and hedge funds own 7.22% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GRND. The Goldman Sachs Group upped their price objective on shares of Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Citizens Jmp began coverage on shares of Grindr in a research report on Monday, June 30th. They set an "outperform" rating and a $27.00 price target for the company. Raymond James Financial reduced their target price on Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Wall Street Zen cut Grindr from a "buy" rating to a "hold" rating in a report on Sunday, August 17th. Finally, JMP Securities reduced their target price on Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, August 11th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $22.60.

Insider Buying and Selling

In other Grindr news, Director J Michael Gearon, Jr. sold 19,432 shares of Grindr stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $24.75, for a total value of $480,942.00. Following the sale, the director owned 5,480,568 shares in the company, valued at $135,644,058. The trade was a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vandana Mehta-Krantz sold 43,565 shares of Grindr stock in a transaction on Monday, August 11th. The shares were sold at an average price of $16.89, for a total value of $735,812.85. Following the completion of the sale, the chief financial officer owned 688,047 shares in the company, valued at $11,621,113.83. This represents a 5.95% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 188,667 shares of company stock worth $4,050,973. Insiders own 67.70% of the company's stock.

Grindr Price Performance

Shares of NYSE:GRND traded down $0.09 during midday trading on Monday, hitting $15.61. The company had a trading volume of 1,348,144 shares, compared to its average volume of 2,366,098. Grindr Inc. has a twelve month low of $11.47 and a twelve month high of $25.13. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.48 and a quick ratio of 2.48. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of -35.48 and a beta of 0.25. The business's 50-day simple moving average is $18.86 and its 200-day simple moving average is $19.83.

Grindr (NYSE:GRND - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The company had revenue of $104.00 million during the quarter, compared to analyst estimates of $104.40 million. During the same period last year, the business earned ($0.13) earnings per share. The firm's revenue was up 26.6% compared to the same quarter last year. On average, research analysts predict that Grindr Inc. will post 0.29 earnings per share 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.