Picton Mahoney Asset Management Takes Position in Grindr Inc. (NYSE:GRND)

Key Points

• Picton Mahoney Asset Management invested $1.88 million in Grindr Inc. during the first quarter, acquiring approximately 105,150 shares, which represents about 0.05% of the company's outstanding stock.
• Various institutional investors have significantly increased their stakes in Grindr, with CWM LLC raising its position by 838.5%, indicating growing interest in the company.
• Grindr shares received multiple upgrades from research analysts, with price targets now ranging between $26.00 and $27.00, reflecting positive market sentiment towards the stock.

Picton Mahoney Asset Management acquired a new stake in Grindr Inc. (NYSE:GRND - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 105,150 shares of the company's stock, valued at approximately $1,883,000. Picton Mahoney Asset Management owned approximately 0.05% of Grindr as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marshall Wace LLP increased its stake in shares of Grindr by 85.2% in the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company's stock worth $19,928,000 after acquiring an additional 513,770 shares during the last quarter. Lord Abbett & CO. LLC increased its position in shares of 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 purchasing an additional 327,208 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Grindr by 101.3% during the 4th quarter. Federated Hermes Inc. now owns 866,058 shares of the company's stock worth $15,450,000 after purchasing an additional 435,748 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Grindr by 37.0% during the 4th quarter. Nuveen Asset Management LLC now owns 792,916 shares of the company's stock worth $14,146,000 after purchasing an additional 214,102 shares during the last quarter. Finally, Bwcp LP acquired a new stake in shares of Grindr during the 4th quarter worth about $12,088,000. Hedge funds and other institutional investors own 7.22% of the company's stock.

Grindr Price Performance

Shares of NYSE:GRND traded down $0.42 on Thursday, hitting $17.45. The company had a trading volume of 1,506,614 shares, compared to its average volume of 1,526,834. 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 Inc. has a 52-week low of $10.26 and a 52-week high of $25.13. The business has a 50 day moving average of $21.93 and a 200 day moving average of $19.99. The company has a market cap of $3.42 billion, a PE ratio of -26.85 and a beta of 0.28.

Grindr (NYSE:GRND - Get Free Report) last released its earnings results 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 positive return on equity of 219.47% and a negative net margin of 26.04%. As a group, equities analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GRND has been the subject of several research reports. The Goldman Sachs Group lifted their target price on Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Raymond James Financial reaffirmed an "outperform" rating and issued a $26.00 target price (up from $22.00) on shares of Grindr in a research report on Friday, May 9th. JMP Securities lifted their target price on Grindr from $24.00 to $27.00 and gave the company a "market outperform" rating in a research report on Monday, June 30th. Citizens Jmp assumed coverage on Grindr in a research report on Monday, June 30th. They set an "outperform" rating and a $27.00 price objective for the company. Finally, Wall Street Zen raised Grindr from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $24.60.

Insider Activity

In other Grindr news, Director Daniel Brooks Baer sold 2,435 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $24.00, for a total transaction of $58,440.00. Following the completion of the sale, the director owned 24,693 shares in the company, valued at $592,632. This trade represents a 8.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Zachary Katz sold 14,693 shares of Grindr 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 transaction, the insider owned 595,112 shares of the company's stock, valued at approximately $11,455,906. The trade was a 2.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,641,251 shares of company stock worth $110,831,024 over the last quarter. 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.