PDT Partners LLC Raises Holdings in Grindr Inc. $GRND

Key Points

• PDT Partners LLC increased its stake in Grindr Inc. by 78.3%, owning 165,269 shares after acquiring 72,554 additional shares, valuing their holdings at approximately $2.96 million.
• Grindr's stock has received various ratings from analysts, with a current consensus rating of "Buy" and an average price target of $22.60.
• Recent insider transactions include Zachary Katz selling 14,693 shares at an average price of $19.25, resulting in a 2.41% decrease in his position, while CFO Vandana Mehta-Krantz sold 43,565 shares at $16.89.

PDT Partners LLC increased its position in shares of Grindr Inc. (NYSE:GRND - Free Report) by 78.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,269 shares of the company's stock after purchasing an additional 72,554 shares during the quarter. PDT Partners LLC owned 0.08% of Grindr worth $2,958,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. XTX Topco Ltd lifted its holdings in shares of Grindr by 2.8% during the first quarter. XTX Topco Ltd now owns 17,036 shares of the company's stock worth $305,000 after purchasing an additional 459 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Grindr by 45.5% during the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock worth $38,000 after purchasing an additional 662 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Grindr by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 53,998 shares of the company's stock worth $967,000 after purchasing an additional 1,111 shares during the period. Rhumbline Advisers lifted its holdings in shares of Grindr by 3.0% during the first quarter. Rhumbline Advisers now owns 43,043 shares of the company's stock worth $770,000 after purchasing an additional 1,272 shares during the period. Finally, Bleakley Financial Group LLC lifted its holdings in shares of 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 purchasing an additional 1,548 shares during the period. Institutional investors and hedge funds own 7.22% of the company's stock.

Analyst Ratings Changes

GRND has been the subject of a number of research reports. Citizens Jmp initiated coverage on Grindr in a report on Monday, June 30th. They set an "outperform" rating and a $27.00 target price for the company. JMP Securities reduced their price target on Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a research report on Monday, August 11th. Raymond James Financial reduced their price target on Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. The Goldman Sachs Group lifted their price target on Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, Wall Street Zen cut Grindr from a "buy" rating to a "hold" rating in a research report on Sunday, August 17th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Grindr presently has a consensus rating of "Buy" and a consensus target price of $22.60.

Insider Buying and Selling

In other news, CFO Vandana Mehta-Krantz sold 43,565 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $16.89, for a total value of $735,812.85. Following the completion of the sale, the chief financial officer directly owned 688,047 shares in the company, valued at $11,621,113.83. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Zachary Katz sold 14,693 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $19.25, for a total value of $282,840.25. Following the completion of the sale, the insider owned 595,112 shares of the company's stock, valued at $11,455,906. This trade represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,235 shares of company stock valued at $3,570,031 over the last 90 days. Company insiders own 67.70% of the company's stock.

Grindr Price Performance

Shares of Grindr stock traded up $0.18 on Friday, reaching $15.29. The company's stock had a trading volume of 1,389,558 shares, compared to its average volume of 2,157,463. The company has a market capitalization of $2.93 billion, a P/E ratio of -34.74 and a beta of 0.24. Grindr Inc. has a 52-week low of $11.47 and a 52-week high of $25.13. The stock has a 50-day moving average price of $18.31 and a 200-day moving average price of $19.73. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.43.

Grindr (NYSE:GRND - Get Free Report) last posted 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). The business had revenue of $104.00 million during the quarter, compared to analysts' expectations of $104.40 million. Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The firm's quarterly revenue was up 26.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.13) earnings per share. Analysts expect that Grindr Inc. will post 0.29 EPS for the current year.

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.