SG Americas Securities LLC cut its holdings in Grindr Inc. (NYSE:GRND - Free Report) by 77.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,703 shares of the company's stock after selling 121,190 shares during the period. SG Americas Securities LLC's holdings in Grindr were worth $621,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Grindr during the fourth quarter worth about $1,649,000. Principal Financial Group Inc. grew its holdings in shares of Grindr by 10.9% during the fourth quarter. Principal Financial Group Inc. now owns 33,919 shares of the company's stock worth $605,000 after purchasing an additional 3,341 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Grindr during the fourth quarter worth about $201,000. Bank of New York Mellon Corp grew its holdings in shares of Grindr by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company's stock worth $944,000 after purchasing an additional 623 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Grindr by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 195,298 shares of the company's stock worth $3,484,000 after purchasing an additional 3,612 shares during the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Grindr
In related news, Director Daniel Brooks Baer sold 2,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $23.98, for a total value of $47,960.00. Following the completion of the sale, the director now owns 27,128 shares in the company, valued at $650,529.44. This trade represents a 6.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director J Michael Gearon, Jr. sold 19,432 shares of Grindr stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $24.75, for a total transaction of $480,942.00. Following the sale, the director now owns 5,480,568 shares of the company's stock, valued at approximately $135,644,058. The trade was a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,589,884 shares of company stock worth $109,728,407 over the last 90 days. Company insiders own 76.40% of the company's stock.
Grindr Stock Performance
Shares of NYSE GRND traded down $0.30 during midday trading on Friday, reaching $22.62. 2,275,396 shares of the company were exchanged, compared to its average volume of 1,173,402. 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 1 year low of $9.48 and a 1 year high of $25.13. The stock has a fifty day simple moving average of $22.68 and a 200 day simple moving average of $19.27. The stock has a market cap of $4.43 billion, a P/E ratio of -34.79 and a beta of 0.31.
Grindr (NYSE:GRND - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.09 EPS for the quarter, meeting analysts' consensus estimates of $0.09. Grindr had a negative net margin of 26.04% and a positive return on equity of 219.47%. On average, research analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
GRND has been the topic of several research reports. The Goldman Sachs Group raised their price objective on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Wall Street Zen raised Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. JMP Securities reissued a "market outperform" rating and set a $24.00 price target on shares of Grindr in a report on Monday, April 21st. Raymond James Financial reissued an "outperform" rating and set a $26.00 price target (up previously from $22.00) on shares of Grindr in a report on Friday, May 9th. Finally, Citigroup reissued an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $23.25.
Check Out Our Latest Research Report on GRND
About Grindr
(
Free Report)
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.
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