Grindr Inc. $GRND Shares Sold by Millennium Management LLC

Key Points

• Millennium Management LLC has reduced its stake in Grindr Inc. by 6.8%, selling 86,600 shares and currently holds approximately 1.18 million shares valued at $21.17 million.
• The company's stock price is experiencing some fluctuations, with a range of $11.51 to $25.13 over the past year, currently trading around $16.07.
• Grindr reported an earnings miss with an EPS of $0.08, below the expected $0.10, although the revenue increased by 26.6% year-over-year, totaling $104 million for the quarter.

Millennium Management LLC lessened its holdings in shares of Grindr Inc. (NYSE:GRND - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,182,633 shares of the company's stock after selling 86,600 shares during the quarter. Millennium Management LLC owned approximately 0.57% of Grindr worth $21,169,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC boosted its stake in Grindr by 838.5% during the 1st quarter. CWM LLC now owns 1,924 shares of the company's stock worth $34,000 after purchasing an additional 1,719 shares during the last quarter. GAMMA Investing LLC raised its holdings 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 acquiring an additional 662 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Grindr by 511.9% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company's stock worth $83,000 after acquiring an additional 3,880 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Grindr during the 1st quarter worth $197,000. Finally, Janus Henderson Group PLC purchased a new position in shares of Grindr during the 4th quarter worth $227,000. Institutional investors and hedge funds own 7.22% of the company's stock.

Insider Activity

In other news, CFO Vandana Mehta-Krantz sold 43,565 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $16.89, for a total transaction of $735,812.85. Following the completion of the transaction, the chief financial officer directly owned 688,047 shares of the company's stock, valued at approximately $11,621,113.83. The trade was a 5.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Zachary Katz sold 14,693 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $19.25, for a total value of $282,840.25. Following the transaction, the insider directly owned 595,112 shares of the company's stock, valued at approximately $11,455,906. This represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,576 shares of company stock valued at $2,008,842. 67.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on GRND shares. JMP Securities reduced their price target on 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 lowered Grindr from a "buy" rating to a "hold" rating in a report on Sunday, August 17th. Citizens Jmp started coverage on Grindr in a report on Monday, June 30th. They set an "outperform" rating and a $27.00 price target on the stock. Finally, Raymond James Financial reduced their price target on Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $22.60.

Grindr Trading Up 2.1%

NYSE GRND traded up $0.32 during trading on Thursday, hitting $15.86. The stock had a trading volume of 2,118,309 shares, compared to its average volume of 1,708,609. The company has a market capitalization of $3.04 billion, a PE ratio of -36.05 and a beta of 0.24. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.43. The firm has a 50 day moving average price of $17.14 and a 200 day moving average price of $19.57. Grindr Inc. has a twelve month low of $11.51 and a twelve month high of $25.13.

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 the consensus estimate of $0.10 by ($0.02). The firm had revenue of $104.00 million during the quarter, compared to analyst estimates of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The business's revenue was up 26.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, equities research analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current year.

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.