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 lessened its holdings in shares of Grindr Inc. (NYSE:GRND - Free Report) by 22.8% in the first quarter, according to its most recent 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 quarter. Informed Momentum Co LLC owned 0.07% of Grindr worth $2,690,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of GRND. Nuveen LLC bought a new stake in shares of Grindr in the 1st quarter worth $20,049,000. Bwcp LP bought a new stake in shares of Grindr in the 4th quarter worth $12,088,000. Marshall Wace LLP grew its stake in shares of Grindr by 85.2% in the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company's stock worth $19,928,000 after acquiring an additional 513,770 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Grindr in the 4th quarter worth $7,436,000. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Grindr in the 4th quarter worth $7,230,000. Institutional investors own 7.22% of the company's stock.

Grindr Price Performance

NYSE GRND traded up $0.22 on Friday, reaching $16.55. 2,278,575 shares of the company's stock traded hands, compared to its average volume of 2,315,113. Grindr Inc. has a 12 month low of $11.39 and a 12 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 4.22. The stock has a 50-day simple moving average of $20.44 and a 200 day simple moving average of $20.00. The stock has a market cap of $3.24 billion, a PE ratio of -37.61 and a beta of 0.25.

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 the consensus estimate 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 firm had revenue of $104.00 million during the quarter, compared to the consensus estimate of $104.40 million. During the same quarter in the prior year, the business posted ($0.13) EPS. The firm's revenue for the quarter was up 26.6% on a year-over-year basis. As a group, research analysts predict that Grindr Inc. will post 0.29 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GRND. The Goldman Sachs Group boosted their price target on shares of Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Citizens Jmp initiated coverage on shares of Grindr in a report on Monday, June 30th. They issued an "outperform" rating and a $27.00 price target on the stock. JMP Securities dropped their price objective on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a report on Monday, August 11th. Wall Street Zen downgraded shares of Grindr from a "buy" rating to a "hold" rating in a report on Sunday. Finally, Raymond James Financial dropped their price objective on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Grindr currently has a consensus rating of "Moderate Buy" and an average price target of $22.60.

Insider Activity at Grindr

In other news, CFO Vandana Mehta-Krantz sold 43,565 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $16.89, for a total transaction of $735,812.85. Following the sale, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director J Michael Gearon, Jr. sold 19,432 shares of the business's 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 sale, the director owned 5,480,568 shares in the company, valued at approximately $135,644,058. This trade represents a 0.35% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,112,674 shares of company stock worth $74,092,796. 67.70% of the stock is currently owned by insiders.

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.