Bryce Point Capital LLC Takes $851,000 Position in Grindr Inc. $GRND

Bryce Point Capital LLC bought a new stake in Grindr Inc. (NYSE:GRND) during the second quarter, Holdings Channel reports. The institutional investor bought 37,475 shares of the company’s stock, valued at approximately $851,000.

Other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in shares of Grindr by 551.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 351,571 shares of the company’s stock valued at $7,981,000 after buying an additional 297,573 shares in the last quarter. Tredje AP fonden bought a new stake in shares of Grindr in the 2nd quarter valued at approximately $956,000. Teacher Retirement System of Texas bought a new stake in shares of Grindr in the 2nd quarter valued at approximately $415,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Grindr in the 2nd quarter valued at approximately $1,832,000. Finally, Shaker Investments LLC OH bought a new stake in shares of Grindr in the 2nd quarter valued at approximately $992,000. Institutional investors own 7.22% of the company’s stock.

Grindr Stock Down 1.6%

Shares of GRND stock opened at $13.64 on Tuesday. Grindr Inc. has a 12 month low of $11.73 and a 12 month high of $25.13. The firm has a market cap of $2.62 billion, a PE ratio of -30.99 and a beta of 0.22. The stock has a 50 day moving average of $14.64 and a 200-day moving average of $18.85. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.43.

Grindr (NYSE:GRND) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The business had revenue of $104.00 million for the quarter, compared to analyst estimates of $104.40 million. During the same quarter last year, the firm earned ($0.13) earnings per share. The firm’s quarterly revenue was up 26.6% compared to the same quarter last year. On average, equities analysts predict that Grindr Inc. will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, insider Zachary Katz sold 7,645 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $12.83, for a total transaction of $98,085.35. Following the completion of the transaction, the insider directly owned 548,339 shares in the company, valued at $7,035,189.37. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Fu Bin Lu sold 1,000,000 shares of the company’s stock in a transaction on Thursday, October 9th. The shares were sold at an average price of $13.15, for a total value of $13,150,000.00. Following the completion of the transaction, the director owned 25,588,867 shares of the company’s stock, valued at $336,493,601.05. The trade was a 3.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,361,854 shares of company stock valued at $30,730,410 in the last three months. 67.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GRND has been the subject of a number of recent analyst reports. JMP Securities decreased their target price on Grindr from $27.00 to $23.00 and set a “market outperform” rating for the company in a research report on Monday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grindr in a research report on Wednesday, October 8th. Raymond James Financial decreased their target price on Grindr from $26.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Finally, Wall Street Zen cut Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.60.

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.