Penserra Capital Management LLC Makes New Investment in Grindr Inc. (NYSE:GRND)

Penserra Capital Management LLC purchased a new position in Grindr Inc. (NYSE:GRND - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 109,236 shares of the company's stock, valued at approximately $1,955,000. Penserra Capital Management LLC owned about 0.05% of Grindr at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in 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 acquiring an additional 662 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Grindr by 31.9% during the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after purchasing an additional 642 shares during the last quarter. Quarry LP boosted its holdings in shares of Grindr by 209.2% during the 4th quarter. Quarry LP now owns 3,423 shares of the company's stock worth $61,000 after purchasing an additional 2,316 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted 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 purchasing an additional 3,880 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Grindr during the fourth quarter worth $89,000. 7.22% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Citizens Jmp assumed coverage on Grindr in a research note on Monday, June 30th. They set an "outperform" rating and a $27.00 price objective on the stock. JMP Securities boosted their price target on shares of Grindr from $24.00 to $27.00 and gave the company a "market outperform" rating in a research report on Monday, June 30th. The Goldman Sachs Group boosted their price target on shares of Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Wall Street Zen upgraded shares of Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Finally, Raymond James Financial reiterated 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. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $24.60.

Insiders Place Their Bets

In other Grindr news, Director J Michael Gearon, Jr. sold 500,000 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $23.71, for a total transaction of $11,855,000.00. Following the transaction, the director directly owned 6,619,727 shares in the company, valued at $156,953,727.17. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Fu Bin Lu sold 852,567 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $23.93, for a total value of $20,401,928.31. Following the transaction, the director directly owned 26,588,867 shares in the company, valued at approximately $636,271,587.31. The trade was a 3.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,625,558 shares of company stock worth $110,524,064 over the last 90 days. 67.70% of the stock is owned by insiders.

Grindr Trading Down 0.8%

NYSE GRND traded down $0.16 during trading hours on Friday, reaching $21.14. The company had a trading volume of 1,267,444 shares, compared to its average volume of 1,200,800. The stock has a 50-day moving average of $23.16 and a 200 day moving average of $19.82. 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. The stock has a market capitalization of $4.14 billion, a P/E ratio of -32.52 and a beta of 0.28.

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