Informed Momentum Co LLC Sells 44,333 Shares of Grindr Inc. (NYSE:GRND)

Key Points

• Informed Momentum Co LLC sold 44,333 shares of Grindr Inc., reducing its stake by 22.8%, holding approximately 0.07% of the company valued at $2.69 million post-sale.
• Insider trading activity saw Director James Fu Bin Lu sell 852,567 shares for over $20 million, while total insider sales for the last quarter reached approximately $75.9 million.
• Despite the recent sales, analysts maintain a generally positive outlook on Grindr, with several firms adjusting their price targets and recommending "buy" ratings.

Informed Momentum Co LLC trimmed its holdings in Grindr Inc. (NYSE:GRND - Free Report) by 22.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,278 shares of the company's stock after selling 44,333 shares during the period. Informed Momentum Co LLC owned 0.07% of Grindr worth $2,690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GRND. Wells Fargo & Company MN raised its position in shares of Grindr by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 11,472 shares of the company's stock valued at $205,000 after buying an additional 3,911 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock valued at $47,000 after acquiring an additional 642 shares during the last quarter. Legal & General Group Plc increased its stake in Grindr by 721.8% in the fourth quarter. Legal & General Group Plc now owns 22,673 shares of the company's stock valued at $404,000 after acquiring an additional 19,914 shares during the last quarter. Barclays PLC increased its stake in Grindr by 30.4% in the fourth quarter. Barclays PLC now owns 94,647 shares of the company's stock valued at $1,689,000 after acquiring an additional 22,067 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Grindr in the fourth quarter valued at approximately $296,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Grindr Price Performance

Shares of NYSE GRND traded up $0.05 during midday trading on Thursday, reaching $16.32. 2,466,143 shares of the company were exchanged, compared to its average volume of 2,326,010. The stock's 50-day moving average price is $20.57 and its 200-day moving average price is $19.99. The stock has a market cap of $3.20 billion, a P/E ratio of -37.08 and a beta of 0.25. Grindr Inc. has a one year low of $11.39 and a one year high of $25.13. The company has a quick ratio of 4.22, a current ratio of 2.48 and a debt-to-equity ratio of 1.43.

Grindr (NYSE:GRND - Get Free Report) last posted 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). 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 for the quarter, compared to the consensus estimate of $104.40 million. During the same period in the previous year, the firm posted ($0.13) EPS. The business's quarterly revenue was up 26.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GRND shares. Wall Street Zen cut shares of Grindr from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. 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 on the stock. Raymond James Financial decreased their price objective on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. JMP Securities decreased their price objective on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a research note on Monday. Finally, The Goldman Sachs Group lifted their price objective 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $22.60.

Insider Buying and Selling at Grindr

In related news, insider Zachary Katz sold 14,693 shares of the business's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $19.25, for a total value of $282,840.25. Following the sale, the insider owned 595,112 shares of the company's stock, valued at $11,455,906. The trade was a 2.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel Brooks Baer sold 2,435 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $24.00, for a total transaction of $58,440.00. Following the completion of the sale, the director directly owned 24,693 shares in the company, valued at approximately $592,632. This represents a 8.98% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,219,676 shares of company stock worth $76,607,343. Company 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.