Nuveen LLC Takes $20.05 Million Position in Grindr Inc. $GRND

Key Points

• Nuveen LLC acquired a new stake in Grindr Inc. valued at $20.05 million, purchasing approximately 1.12 million shares, which constitutes about 0.54% of the company's stock.
• Grindr's stock recently saw a 4.3% decline, with a current market cap of $3.06 billion and trading at around $15.94.
• Insider trading activity includes significant sales, with Director J Michael Gearon, Jr. selling 19,432 shares worth approximately $480,942, while insiders have sold over 2.6 million shares in the last 90 days.

Nuveen LLC acquired a new position in shares of Grindr Inc. (NYSE:GRND - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,120,062 shares of the company's stock, valued at approximately $20,049,000. Nuveen LLC owned about 0.54% of Grindr as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of GRND. Bwcp LP acquired a new position in shares of Grindr in the 4th quarter valued at $12,088,000. Woodline Partners LP acquired a new position in shares of Grindr in the 4th quarter valued at $7,436,000. Tudor Investment Corp ET AL acquired a new position in Grindr during the 4th quarter worth about $7,230,000. Lord Abbett & CO. LLC lifted its stake in Grindr by 50.6% during the 4th quarter. Lord Abbett & CO. LLC now owns 974,308 shares of the company's stock worth $17,382,000 after acquiring an additional 327,208 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Grindr by 23.5% during the 1st quarter. Vanguard Group Inc. now owns 1,714,514 shares of the company's stock worth $30,690,000 after acquiring an additional 325,996 shares in the last quarter. Institutional investors and hedge funds own 7.22% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. The Goldman Sachs Group increased their target price on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. JMP Securities decreased their target price on Grindr from $27.00 to $23.00 and set a "market outperform" rating on the stock in a research note on Monday, August 11th. Raymond James Financial decreased their target price on Grindr from $26.00 to $20.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Wall Street Zen lowered Grindr from a "buy" rating to a "hold" rating in a research note on Sunday, August 17th. Finally, Citizens Jmp began coverage on Grindr in a research report on Monday, June 30th. They issued an "outperform" rating and a $27.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $22.60.

Grindr Stock Up 0.5%

Shares of GRND traded up $0.0750 during mid-day trading on Friday, reaching $15.8150. The company's stock had a trading volume of 2,042,877 shares, compared to its average volume of 2,433,191. Grindr Inc. has a 12-month low of $11.39 and a 12-month high of $25.13. The stock has a market cap of $3.04 billion, a PE ratio of -35.94 and a beta of 0.25. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.48 and a quick ratio of 2.48. The company's 50 day moving average is $19.72 and its 200 day moving average is $19.93.

Grindr (NYSE:GRND - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The business had revenue of $104.00 million during the quarter, compared to analysts' expectations of $104.40 million. During the same quarter in the previous year, the company posted ($0.13) EPS. The company's revenue was up 26.6% compared to the same quarter last year. Equities analysts anticipate that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Zachary Katz sold 14,693 shares of the firm'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 completion of the sale, the insider directly owned 595,112 shares of the company's stock, valued at $11,455,906. This trade represents a 2.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director J Michael Gearon, Jr. sold 19,432 shares of Grindr stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $24.75, for a total value of $480,942.00. Following the transaction, the director directly owned 5,480,568 shares of the company's stock, valued at approximately $135,644,058. This represents a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,105,122 shares of company stock valued at $50,077,399 over the last 90 days. 67.70% of the stock is owned by corporate insiders.

Grindr 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.