Woodline Partners LP Acquires New Holdings in Grindr Inc. (NYSE:GRND)

Woodline Partners LP bought a new position in Grindr Inc. (NYSE:GRND - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 416,798 shares of the company's stock, valued at approximately $7,436,000. Woodline Partners LP owned about 0.24% of Grindr at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in Grindr by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company's stock worth $944,000 after acquiring an additional 623 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Grindr by 31.9% in the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after acquiring an additional 642 shares during the last quarter. Bleakley Financial Group LLC raised its stake in shares of Grindr by 5.6% during the 4th quarter. Bleakley Financial Group LLC now owns 28,712 shares of the company's stock valued at $512,000 after buying an additional 1,524 shares during the last quarter. Savant Capital LLC raised its stake in shares of Grindr by 9.6% during the 4th quarter. Savant Capital LLC now owns 19,325 shares of the company's stock valued at $345,000 after buying an additional 1,689 shares during the last quarter. Finally, Quarry LP increased its stake in shares of Grindr by 209.2% in the 4th quarter. Quarry LP now owns 3,423 shares of the company's stock valued at $61,000 after purchasing an additional 2,316 shares in the last quarter. Hedge funds and other institutional investors own 7.22% of the company's stock.

Grindr Trading Down 0.5%

GRND stock traded down $0.11 during trading on Wednesday, hitting $23.75. 394,993 shares of the company's stock were exchanged, compared to its average volume of 1,738,000. The business has a 50-day moving average price of $20.65 and a two-hundred day moving average price of $18.18. The stock has a market capitalization of $4.65 billion, a price-to-earnings ratio of -67.86 and a beta of 0.28. Grindr Inc. has a 52-week low of $8.95 and a 52-week high of $24.80.

Grindr (NYSE:GRND - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. On average, equities research analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on GRND. JMP Securities reiterated a "market outperform" rating and issued a $24.00 price objective on shares of Grindr in a research note on Monday, April 21st. Citigroup reiterated an "outperform" rating on shares of Grindr in a research note on Thursday, March 6th. Raymond James reiterated an "outperform" rating and issued a $26.00 price objective (up previously from $22.00) on shares of Grindr in a research note on Friday, May 9th. The Goldman Sachs Group lifted their price objective on Grindr from $20.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Wall Street Zen upgraded Grindr from a "buy" rating to a "strong-buy" rating in a research note 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. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $23.25.

Insider Activity

In other Grindr news, insider Zachary Katz sold 3,058 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total value of $49,631.34. Following the completion of the transaction, the insider now owns 613,800 shares in the company, valued at approximately $9,961,974. This represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director J Michael Gearon, Jr. sold 283,559 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $24.13, for a total value of $6,842,278.67. Following the sale, the director now directly owns 6,336,168 shares in the company, valued at $152,891,733.84. This trade represents a 4.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,452,406 shares of company stock valued at $58,385,775. Company insiders own 76.40% 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.