Neo Ivy Capital Management Invests $2.05 Million in Grindr Inc. (NYSE:GRND)

Key Points

• Neo Ivy Capital Management has acquired a new position in Grindr Inc., purchasing 114,268 shares valued at approximately $2.05 million.
• Grindr reported $0.09 earnings per share for its most recent quarter, matching analysts' expectations, and has a projected EPS of 0.29 for the current fiscal year.
• Insiders at Grindr sold over 4.6 million shares valued at more than $110 million in the last ninety days, indicating significant insider trading activities.

Neo Ivy Capital Management purchased a new position in Grindr Inc. (NYSE:GRND - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 114,268 shares of the company's stock, valued at approximately $2,045,000. Neo Ivy Capital Management owned 0.05% of Grindr at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bleakley Financial Group LLC lifted its position in Grindr by 5.4% during the first quarter. Bleakley Financial Group LLC now owns 30,260 shares of the company's stock worth $542,000 after buying an additional 1,548 shares in the last quarter. CWM LLC raised its position in Grindr by 838.5% in the first quarter. CWM LLC now owns 1,924 shares of the company's stock valued at $34,000 after purchasing an additional 1,719 shares during the period. Penserra Capital Management LLC purchased a new stake in Grindr in the first quarter valued at $1,955,000. Bank of New York Mellon Corp raised its position in Grindr by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 53,998 shares of the company's stock valued at $967,000 after purchasing an additional 1,111 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in Grindr by 5.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 97,716 shares of the company's stock valued at $1,808,000 after purchasing an additional 5,265 shares during the period. 7.22% of the stock is owned by institutional investors and hedge funds.

Grindr Stock Down 1.4%

Shares of GRND traded down $0.25 during midday trading on Tuesday, reaching $17.60. 434,684 shares of the company were exchanged, compared to its average volume of 1,738,751. The stock has a 50-day moving average price of $22.32 and a 200-day moving average price of $20.02. The company has a market cap of $3.45 billion, a price-to-earnings ratio of -27.08 and a beta of 0.28. Grindr Inc. has a 1-year low of $10.26 and a 1-year high of $25.13. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.85.

Grindr (NYSE:GRND - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. Grindr had a positive return on equity of 219.47% and a negative net margin of 26.04%. Research analysts expect that Grindr Inc. will post 0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GRND. Wall Street Zen raised Grindr from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Raymond James Financial reissued an "outperform" rating and issued a $26.00 target price (up from $22.00) on shares of Grindr in a report on Friday, May 9th. Citizens Jmp began coverage on Grindr in a research report on Monday, June 30th. They set an "outperform" rating and a $27.00 target price on the stock. The Goldman Sachs Group boosted their target price on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, JMP Securities upped their price target on Grindr from $24.00 to $27.00 and gave the stock a "market outperform" rating in a report on Monday, June 30th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $24.60.

Insider Transactions at Grindr

In other news, CFO Vandana Mehta-Krantz sold 20,982 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $22.18, for a total transaction of $465,380.76. Following the completion of the transaction, the chief financial officer directly owned 731,612 shares of the company's stock, valued at approximately $16,227,154.16. This represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Zachary Katz sold 14,693 shares of the business's stock in a transaction that occurred on 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 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. Insiders sold 4,641,251 shares of company stock valued at $110,831,024 in the last three months. Corporate insiders own 67.70% of the company's stock.

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.