JPMorgan Chase & Co. Boosts Stake in Grindr Inc. $GRND

Key Points

• JPMorgan Chase & Co. increased its stake in Grindr by 33.6% in Q3, acquiring 87,076 shares to hold 346,122 shares (about 0.19% of the company) valued at roughly $5.2 million.
• Major shareholder James Fu Bin Lu sold 475,000 shares at an average $10.01 (≈$4.75M) on Feb. 6, and insiders have sold a total of 3,412,144 shares worth about $38.1M in the past 90 days, though insiders still own 67.70% of the company.
• Analysts' consensus is a Moderate Buy with a consensus price target of $18.80, despite several firms recently trimming their targets and ratings.

JPMorgan Chase & Co. lifted its stake in shares of Grindr Inc. (NYSE:GRND - Free Report) by 33.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 346,122 shares of the company's stock after acquiring an additional 87,076 shares during the period. JPMorgan Chase & Co. owned approximately 0.19% of Grindr worth $5,199,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new stake in Grindr during the third quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Grindr by 1,473.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company's stock worth $34,000 after purchasing an additional 1,385 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Grindr during the 2nd quarter valued at about $39,000. Aster Capital Management DIFC Ltd raised its holdings in shares of Grindr by 190.7% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,793 shares of the company's stock valued at $57,000 after buying an additional 2,488 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its holdings in shares of Grindr by 41.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,407 shares of the company's stock valued at $77,000 after buying an additional 1,002 shares in the last quarter. Institutional investors own 7.22% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. The Goldman Sachs Group cut their target price on Grindr from $20.00 to $17.00 and set a "buy" rating for the company in a research note on Monday, March 2nd. Weiss Ratings raised shares of Grindr from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Wednesday, March 4th. Morgan Stanley assumed coverage on shares of Grindr in a report on Tuesday, February 24th. They issued an "equal weight" rating and a $14.00 price objective for the company. Finally, TD Cowen cut their price objective on shares of Grindr from $26.00 to $22.00 and set a "buy" rating for the company in a research note on Tuesday, February 24th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.80.

Grindr Trading Down 0.9%

NYSE GRND opened at $11.99 on Thursday. The firm has a market cap of $2.22 billion, a PE ratio of 27.88 and a beta of 0.21. Grindr Inc. has a 1-year low of $9.73 and a 1-year high of $25.13. The stock has a 50-day moving average of $11.49 and a 200-day moving average of $12.96. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 8.00.

Insiders Place Their Bets

In other news, major shareholder James Fu Bin Lu sold 475,000 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $10.01, for a total transaction of $4,754,750.00. Following the completion of the sale, the insider owned 18,432,101 shares of the company's stock, valued at approximately $184,505,331.01. This represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 3,412,144 shares of company stock valued at $38,142,927 in the last ninety days. Insiders own 67.70% of the company's stock.

Grindr Company Profile

Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.

Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.

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