Cubist Systematic Strategies LLC Has $5.03 Million Holdings in Grindr Inc. (NYSE:GRND)

Cubist Systematic Strategies LLC trimmed its position in Grindr Inc. (NYSE:GRND) by 37.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 281,859 shares of the company’s stock after selling 172,232 shares during the period. Cubist Systematic Strategies LLC’s holdings in Grindr were worth $5,028,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BIT Capital GmbH boosted its stake in Grindr by 9.6% in the 4th quarter. BIT Capital GmbH now owns 3,989,058 shares of the company’s stock valued at $71,165,000 after buying an additional 349,189 shares in the last quarter. Marshall Wace LLP boosted 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 valued at $19,928,000 after purchasing an additional 513,770 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of Grindr by 50.6% in 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 in the last quarter. Finally, Bwcp LP bought a new position in Grindr during the 4th quarter valued at about $12,088,000. 7.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Raymond James reaffirmed an “outperform” rating and set a $22.00 price objective on shares of Grindr in a research note on Thursday, March 6th. Citigroup reaffirmed an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. Finally, JMP Securities reissued a “market outperform” rating and issued a $24.00 price objective on shares of Grindr in a research note on Monday, April 21st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $20.75.

Insider Buying and Selling at Grindr

In other Grindr news, insider Zachary Katz sold 3,057 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total value of $55,026.00. Following the sale, the insider now directly owns 577,549 shares in the company, valued at approximately $10,395,882. This trade represents a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 8,115 shares of company stock worth $139,397. Company insiders own 76.40% of the company’s stock.

Grindr Price Performance

GRND stock opened at $24.45 on Friday. The company has a 50 day moving average price of $18.77 and a 200 day moving average price of $17.24. Grindr Inc. has a fifty-two week low of $8.95 and a fifty-two week high of $24.80. The stock has a market capitalization of $5.09 billion, a PE ratio of -69.87 and a beta of 0.28.

Grindr (NYSE:GRND) last released its earnings results on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. As a group, equities analysts expect 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.