Voleon Capital Management LP Increases Stock Position in Grindr Inc. $GRND

Key Points

• Voleon Capital Management LP significantly increased its stake in Grindr Inc. by 172.8%, holding 186,000 shares worth approximately $3.33 million after buying 117,806 additional shares in the first quarter.
• Institutional holdings in Grindr are growing, with CWM LLC increasing their stake by 838.5% and new positions acquired by multiple firms, pushing institutional ownership to 7.22%.
• Grindr reported quarterly earnings with an EPS of $0.08, missing estimates, while the company’s revenue increased 26.6% year-over-year, highlighting ongoing growth despite profitability challenges.

Voleon Capital Management LP boosted its stake in Grindr Inc. (NYSE:GRND - Free Report) by 172.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 186,000 shares of the company's stock after purchasing an additional 117,806 shares during the period. Voleon Capital Management LP owned approximately 0.09% of Grindr worth $3,329,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Petrus Trust Company LTA bought a new stake in Grindr in the 1st quarter worth approximately $1,167,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Grindr by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company's stock worth $517,000 after purchasing an additional 762 shares during the period. Bwcp LP grew its position in Grindr by 61.8% in the 1st quarter. Bwcp LP now owns 1,096,586 shares of the company's stock worth $19,629,000 after purchasing an additional 418,994 shares during the period. AQR Capital Management LLC grew its position in shares of Grindr by 289.1% during the 1st quarter. AQR Capital Management LLC now owns 88,134 shares of the company's stock valued at $1,578,000 after acquiring an additional 65,485 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Grindr during the 1st quarter valued at $14,320,000. Institutional investors own 7.22% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GRND shares. Citizens Jmp started coverage on shares of Grindr in a research report on Monday, June 30th. They set an "outperform" rating and a $27.00 price objective for the company. Wall Street Zen downgraded shares of Grindr from a "buy" rating to a "hold" rating in a research report on Sunday, August 17th. JMP Securities cut their price objective on shares of Grindr from $27.00 to $23.00 and set a "market outperform" rating for the company in a research report on Monday, August 11th. Finally, Raymond James Financial cut their price objective on shares of Grindr from $26.00 to $20.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, Grindr currently has an average rating of "Buy" and an average target price of $22.60.

Insider Buying and Selling at Grindr

In related news, insider Zachary Katz sold 14,693 shares of the company's stock in a transaction 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 transaction, the insider owned 595,112 shares of the company's stock, valued at approximately $11,455,906. This represents a 2.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vandana Mehta-Krantz sold 56,611 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $23.47, for a total transaction of $1,328,660.17. Following the completion of the transaction, the chief financial officer directly owned 752,594 shares of the company's stock, valued at $17,663,381.18. This represents a 7.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 169,235 shares of company stock valued at $3,570,031 in the last ninety days. 67.70% of the stock is currently owned by insiders.

Grindr Price Performance

Grindr stock traded up $0.06 during mid-day trading on Friday, hitting $16.07. The stock had a trading volume of 2,369,913 shares, compared to its average volume of 1,750,818. The firm has a market capitalization of $3.09 billion, a P/E ratio of -36.52 and a beta of 0.24. The company has a current ratio of 2.48, a quick ratio of 2.48 and a debt-to-equity ratio of 1.43. The firm's 50 day moving average is $17.64 and its 200 day moving average is $19.65. Grindr Inc. has a one year low of $11.51 and a one year high of $25.13.

Grindr (NYSE:GRND - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $104.00 million during the quarter, compared to the consensus estimate of $104.40 million. Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The company's quarterly revenue was up 26.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.13) EPS. On average, sell-side analysts forecast 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.