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

Penserra Capital Management LLC purchased a new stake in shares of Grindr Inc. (NYSE:GRND - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 109,236 shares of the company's stock, valued at approximately $1,955,000. Penserra Capital Management LLC owned approximately 0.05% of Grindr as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Grindr by 45.5% during the first quarter. GAMMA Investing LLC now owns 2,116 shares of the company's stock valued at $38,000 after buying an additional 662 shares during the period. Russell Investments Group Ltd. grew its holdings in Grindr by 31.9% in the fourth 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 period. Quarry LP grew its holdings in Grindr by 209.2% in the fourth 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 period. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Grindr by 511.9% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company's stock valued at $83,000 after purchasing an additional 3,880 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Grindr during the fourth quarter valued at approximately $89,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GRND has been the subject of several recent analyst reports. The Goldman Sachs Group lifted their price target on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Citizens Jmp started coverage on shares of Grindr in a report on Monday, June 30th. They issued an "outperform" rating and a $27.00 target price for the company. Wall Street Zen upgraded shares of Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. JMP Securities raised 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. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $26.00 price objective (up from $22.00) on shares of Grindr in a research report on Friday, May 9th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $24.60.

Grindr Stock Performance

GRND stock traded up $0.31 during trading on Wednesday, reaching $22.44. The stock had a trading volume of 1,547,876 shares, compared to its average volume of 1,191,162. The firm has a market cap of $4.40 billion, a PE ratio of 73.77 and a beta of 0.28. 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's 50 day moving average is $23.21 and its two-hundred day moving average is $19.75. Grindr Inc. has a 52 week low of $10.26 and a 52 week high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share 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, equities analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Grindr

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

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.